Ultrapar Participações S.A. (UGP): ANSOFF MATRIX [Dec-2025 Updated]

You're digging into Ultrapar Participações S.A.'s strategy, and frankly, their planned R$ 2.542 billion investment for 2025 gives us the clearest roadmap I've seen in a while. This isn't just spending; it's a textbook application of the Ansoff Matrix, showing you exactly where they are focusing their energy-from doubling down on existing gas stations and loyalty members to pushing into new logistics territories and launching entirely new low-carbon businesses. This is how you build a resilient energy and logistics player. So, if you want to see the precise actions behind their Market Penetration, Market Development, Product Development, and bold Diversification moves, let's look at the details below.

Ultrapar Participações S.A. (UGP) - Ansoff Matrix: Market Penetration

You're looking at how Ultrapar Participações S.A. (UGP) plans to sell more of its current fuel and convenience offerings to its existing customer base in Brazil. This is about deepening the relationship with current clients and maximizing sales within established territories. The strategy hinges on heavy investment in the Ipiranga network and leveraging the massive reach of its loyalty program.

The 2025 Investment Plan shows a clear focus on reinforcing the core Ipiranga brand presence. The total planned organic investment for 2025 is R$ 2.542 billion.

The allocation for Ipiranga is substantial, with a dedicated focus on both expansion and operational hardening:

The R$ 688 million earmarked for expansion is directly aimed at improving the physical footprint and rebranding stations, which is classic market penetration-making the existing offering more attractive to current customers.

For efficiency gains, the R$ 678 million maintenance CapEx is set to modernize Ipiranga's technological platform, including upgrades to its ERP system and satellite systems, all designed to boost productivity.

Driving same-store sales and premium adoption is key to this quadrant. The Km de Vantagens loyalty program is a major asset here, boasting 38 million participants.

• Accelerate premium fuel sales, like IPMAX, which is showing growth as consumers return to quality-based choices.
• The AmPm convenience store network ended Q2 2025 with 1,460 stores.
• AmPm same-store sales growth reached 12% in the first quarter of 2025.
• The Jet Oil service units count stood at 1,145 units as of Q1 2025.

Market share defense and recovery are also part of this penetration strategy, especially given sector irregularities. Combating illegal fuel sales is showing results, as Ipiranga's volume sold in the third quarter of 2025 was 1% higher compared to the third quarter of 2024, with gasoline sales leading the increase.

Finance: review the Q3 2025 volume growth against the Q4 2025 targets by next Tuesday.

Ultrapar Participações S.A. (UGP) - Ansoff Matrix: Market Development

Market Development for Ultrapar Participações S.A. (UGP) centers on taking existing businesses into new geographic areas or new customer segments with current offerings. This strategy is heavily supported by the 2025 Investment Plan, which allocates approximately 60% of the total planned capital expenditure of R$ 2.542 billion toward expansion across its subsidiaries.

For Ultracargo, the logistics arm, the focus is on expanding capacity in key regions to serve new clients and markets.

• Finalize Ultracargo's expansion in Santos, adding 25,000 $\text{m}3$ of storage capacity to serve new clients in the Southeast-Midwest corridor, with completion expected in 2025.
• Initiate the 40,000 $\text{m}3$ capacity increase at Ultracargo's Suape terminal by 2026, targeting the Northeast region.
• The total expansion budget for Ultracargo in 2025 is R$ 557 million.

The strategic move into waterway logistics via Hidrovias do Brasil S.A. is a prime example of reaching new agribusiness markets in the Central-West and North regions.

This integration is designed to offer integrated logistics solutions to new agribusiness clients, capitalizing on Brazil's logistics infrastructure deficit.

Ultragaz is targeting new bulk LPG clients within the industrial and commercial segments through direct investment in expansion.

The 2025 plan allocates R$ 267 million of Ultragaz's total R$ 480 million budget toward expansion, specifically to capture these new bulk segment customers and explore new energy sources.

For Ipiranga, the expansion of the TRR (Road Transport Refueling) segment aims to capture new B2B customers, particularly in remote agricultural areas.

Ipiranga's expansion budget for 2025 is R$ 688 million, part of its total planned investment of R$ 1.366 billion. The focus includes enhancing logistical infrastructure to support this B2B growth.

Key expansion allocations for 2025 are summarized below:

• Ipiranga Expansion: R$ 688 million
• Ultragaz Expansion: R$ 267 million
• Ultracargo Expansion: R$ 557 million

Ultrapar Participações S.A. (UGP) - Ansoff Matrix: Product Development

You're looking at how Ultrapar Participações S.A. is evolving its existing businesses with new offerings, which is the Product Development quadrant of the Ansoff Matrix. Let's look at the numbers supporting these moves as of the latest data available.

For Ultragaz, the push into new energies is backed by a planned investment of R$ 480 million in 2025 to conquer new bulk gas clients and expand these new energy operations. This builds on a solid base where, in 2024, Ultragaz supplied 11 million homes and 57 thousand business customers, alongside operating two solar power plants. The introduction of renewable electricity for businesses and households, plus Compressed Natural Gas (CNG) and biomethane solutions for corporate clients, is a direct product extension.

To give you a sense of scale for the businesses driving these product developments, here's a snapshot of their 2024 operational footprint:

At Ipiranga, enhancing the customer experience through the app involves significant technology investment. The 2025 investment plan allocates R$ 1.366 billion to Ipiranga, part of which supports its platform technology for updating the ERP and associated systems. This digital development aims to better serve the 38 million participants in the Km de Vantagens loyalty program.

Ultracargo is focused on adding value through operational technology, specifically mentioning AI sensors for real-time anomaly monitoring in feed pumps as a new service. For 2025, Ultracargo is slated to receive R$ 673 million in capital expenditure, which supports finalizing expansions in terminals like Santos and Itaqui, creating the infrastructure where such advanced monitoring services can be deployed. This segment handled over +15 million tons in 2024.

When it comes to automotive services, the Jet Oil network, which already has 1,145 units, is targeted for rolling out new products and services beyond the basic oil change. This is part of the overall Ipiranga investment bucket, which is the largest share of the total planned R$ 2.542 billion capital expenditure for Ultrapar Participações S.A. in 2025.

The financial performance context for these investments shows strong recent results. For the third quarter of 2025, Ultrapar Participações S.A. achieved an adjusted EBITDA of BRL 1.9 billion, marking a 27% year-over-year increase, and net income grew 11% year-over-year to BRL 772 million. The company also managed to reduce its leverage from 1.9x to 1.7x.

• Develop new digital services within the Ipiranga app to enhance the customer experience at the service station.
• Use AI sensors in Ultracargo's feed pumps to offer real-time anomaly monitoring as a new value-added service.
• Roll out new automotive services and products through the Jet Oil network, beyond basic oil changes.

Finance: draft the Q4 2025 capital allocation forecast by January 15, 2026.

Ultrapar Participações S.A. (UGP) - Ansoff Matrix: Diversification

Diversification for Ultrapar Participações S.A. (UGP) involves moving capital into new energy and infrastructure adjacencies, using proceeds from divestitures to fund these shifts.

Entry into LNG Logistics: Ultrapar Participações S.A. signed an agreement on October 24, 2025, to acquire a 37.5% stake in Virtu GNL Participações S.A. for a total investment of R$ 102.5 million. This transaction is structured with R$ 30.0 million as a capital contribution via new shares, R$ 52.5 million for convertible debentures, and the remaining R$ 17.5 million paid to existing shareholders. The resulting control block is shared with Perfin Infra, holding 75% of voting capital.

This move establishes a new business entirely: low-carbon logistics platform focused on replacing diesel with LNG for road transportation, targeting agribusiness routes in Brazil's Central-West and Northern regions.

Portfolio Optimization via Divestiture: The company completed the sale of its coastal navigation operation through Hidrovias do Brasil S.A. to Companhia de Navegação Norsul on November 3, 2025. The transaction value realized was R$ 715 million (Enterprise Value). This closing allows Ultrapar Participações S.A. to concentrate on more synergistic businesses.

Infrastructure Exposure: Ultrapar Participações S.A. is exploring further infrastructure investments outside core fuel/LPG distribution, evidenced by its growing position in Rumo, nearing a 5% stake as of November 27, 2025. Hypothetically, a 30% stake in Rumo could increase Net Debt/LTM EBITDA from about +0.2x to a peak of 3.0x if consolidated.

The strategic focus on new, synergistic businesses follows the divestiture, supporting capital allocation for growth in energy transition and infrastructure plays.

Ultragaz New Energy Segment Development: Ultragaz is developing a standalone, non-LPG utility business for revenue diversification.

Key operational and financial data points related to this diversification effort include:

• Acquisition of Stella Energia and NEOgás in 2022.
• Ultragaz LPG volume sold in Q1 2025 was 1% higher year-over-year.
• Bottled LPG segment sales increased by 2% in Q1 2025.
• Ultragaz SG&A in Q1 2025 was 70% higher than Q1 2024.

Here's the quick math on the major asset movements supporting this diversification strategy:

What this estimate hides is the immediate impact on the consolidated P/L from the Rumo position versus the full integration of Virtu GNL. The prior year's (2022) net revenue for the entire Ultra Group was R$ 147 billion. Finance: draft 13-week cash view by Friday.