Ultrapar Participacoes S.A. Investor Day 2026

If we have enough time, we will answer those as well. Have a great morning, and we will start with a video. Rodrigo Pizzinatto, can you come up to the stage for the opening remarks? Thank you and have a great morning. Ultrapar does not just allocate capital. It allocates knowledge and values. For close to 90 years, we have accumulated ethics, experience, management techniques, market interpretation, and the ability to think ahead. Fantastic. Good morning. It is great to have you here with us again for Ultra Day. Ana talked a little bit about what we are going to do this morning. We will have four presentations about the businesses, but we will have one additional one, ICONIC. It is our JV with Chevron for lubricants. So we will have some information about that business as well. Without further ado, we will start by talking about Ultrapar.

We got some feedback on Ultra Day last year to have more objective presentations, so our challenge today is to have Ultra Morning. The presentations should be shorter, and even with ICONIC's presentation, we will have a shorter agenda. To start with Ultrapar, we will start with safety, which is a non-negotiable value, and our condition is to have a license to operate. The pursuit for excellence and value creation is what we always aim for. You can see that our lost time incident rate has worsened this year. This is a consolidation for LTIR at Ipiranga and Hidrovias, which have a rate that is higher than Ultrapar. We also had something happen at Ultracargo, and Fulvius is going to talk about that in a minute. This has been our journey over the last few years. I will try and summarize the last five or six years in a slide.

Everything started with our portfolio in 2021/2022. We sold Extrafarma, Oxiteno, and Conectcar. We have changed a lot. Our capital allocation has made great progress. We have a lot more discipline. We have made acquisitions over the last few years across the different businesses, Ultragaz with new energies and bulk, then network infrastructure, the bulk fuel delivery business, and also Opla, new terminals at Ultracargo, and Virtu GNL, as well as the acquisition of Hidrovias. We have consolidated more than 70% there. In addition to allocating capital, the holdco also creates value, and this is how our managed model has progressed. We have got some macro principles here in terms of solidity, institutional power, how we conduct our teams, and changes we have made to the business, simplification, compensation model, new leadership. We are going to zoom into these topics over the next slide. To start with capital allocation.

When we think about cash flow and generated cash, these are the five main cash allocation decisions we make: investing in the core businesses, investing in adjacents, which are around the existing businesses, thinking of a new business. These are the three main things we consider in new businesses: an industry with good potential for growth and value creation. We, as shareholder, has the leverage to create value, and will make that business better by going in. If it's an actual tangible opportunity to go in, if the price is compelling, and if the risk is reasonable. Another option, when we were highly leveraged, was to decrease debt if it makes sense in terms of risk. When we have cash left over and we don't have enough options to have better allocation, you could do a dividend payout or interest on equity or share buyback.

This is the beauty of the whole process. A funnel with discipline and patience allows us to select the best projects with the best potential for value and return on investment. This is what happened over the last few years. We had over 100 projects that we looked into, and we concluded 14. Some figures, 2021 to 2026. Palhares is going to show you the return on these investments. I'm just going to give you a macro capital overview. In the last few years, we allocated BRL 28 billion across these five fronts. About BRL 1 billion a year is just to keep businesses going. That's about BRL 1 billion. That's why the dark blue doesn't change. So BRL 1 billion a year in maintenance CapEx. In the last few years, we invested BRL 10.5 billion in expansion and productivity, adding up CapEx plus growth M&A and productivity.

This includes IT platforms to increase productivity, the expansion we mentioned in service stations, bulk at Ultracargo and Hidrovias, and adjacent businesses is everything we've done around the existing business. We have the allocated capital in biomethane, renewable gas at Ultragaz, electricity at Ultragaz, Krispy Kreme, service stations at Ipiranga. All of that adds up to about BRL 1 billion. New businesses, BRL 2.9 billion, mainly coming from Hidrovias, which joined the company. In expansion, we've got about BRL 10.5 billion expansion and profitability. We've paid BRL 7.4 billion of interest on debt. Then we consolidated Hidrovias' debt, which was much more leveraged. We're going to deleverage that. We paid out also BRL 5 billion in dividends and buyback. BRL 570 million was buyback at around BRL 18, close to BRL 19. Out of the BRL 5 billion, BRL 2.5 billion was in 2025.

This doesn't include the dividend payout this year because it was only for the first half of the year, and the first one was in August. It shows the rationale as we generate more cash, dividends keep up with that. That's the return to shareholders of the additional generated cash. Palhares will be sharing more financial information with you. This is an overview, and then we can share all the figures in the IR website because it was going to make it very confusing here. The capital. To execute on capital allocation, you need a top-shelf team. This is how we've been working on renewing the leadership. It all started in 2022. There was a succession at the board. In 2025, we had succession at the Ultrapar leadership.

These are the 10 main mandates that summarize what the Ultra leadership is thinking about, how it is acting. It all starts with the license to operate with ethics and security, humility, focusing on the long game, growing with value, align incentives, continuous improvement, and that is what is in everybody's mind when we think about the Ultra leadership. In terms of incentives, how can we make sure that the team at Ultrapar leadership is on the same page? This is for Ultra N1 and N2. In terms of compensation, 30% is fixed and 70% is variable for that group. Out of the variable, 30% is an annual target based on EBITDA and cash flow, and 40% is a three-year target, and it has two components at Ultrapar. Delta EVA, which is a value creation target for three years, and the return to shareholder target, which is the share price plus dividends.

That is the TSR. So for every three years, we have a new value creation target measured by Delta EVA, plus share valuation, plus dividends. If we take the 100 people in the senior leadership and we add up all the shareholders that were received by the long-term incentives, plus the partner plan at the company, and that includes the board plus executives, there are 25 million shares, which account for 2.3% of the company's capital. So that is what ensures we are all on the same page between the leadership, shareholders, and investors. To conclude my part, we try to summarize the seven pillars that summarize how Ultrapar creates value. It all starts with a high-performing team to ensure that the strategy is supported and that we have growth management.

The implementation of the Ultra model with capital discipline, with a robust capital discipline focusing on the long term, governance and incentives ensuring a commitment with the best. So that was my summary to you of how we see Ultrapar, how we have positioned the company to create value. Now Lyndon is going to come up to the stage to talk about Ipiranga. Thank you for your attention and have a great morning.

Bem-vindo, meu amigo. Você volta carregando uma história que o Brasil inteiro reconhece. E nada mais justo do que acompanhar os movimentos que marcaram os últimos 12 meses. Vamos? 2026 trouxe um cenário de mudanças, novas condições e, principalmente, novas oportunidades. Os efeitos geopolíticos trouxeram forte volatilidade de custo, restrições de oferta e níveis históricos de arbitragem fechada. E no Brasil, avanços regulatórios contribuíram para reduzir a irregularidade e construir um ambiente competitivo mais saudável. E a gente estava preparado para garantir o abastecimento dos nossos clientes e sustentar o crescimento da nossa rede. Com uma logística eficiente e segura, expansão em regiões estratégicas e capacidade de originar globalmente, garantimos disponibilidade aos nossos clientes e reforçamos nosso papel como supridor estratégico. Na rede, seguimos fortalecendo nossa jornada de crescimento e produtividade. No Km de Vantagens, já somos mais de um milhão de clientes fidelizados.

Avançamos no volume da família Ipimax e seguimos evoluindo nossa proposta de valor de posto completo. Na AmPm, ampliamos nossa presença e unimos a força da conveniência à vista. Com novas parcerias como a Krispy Kreme, criamos oportunidades de geração de valor para o revendedor e fortalecemos o negócio Ipiranga. No B2B, fortalecemos nossa atuação em diferentes segmentos, com soluções cada vez mais completas e relações mais próximas com nossos clientes. Onde existe um mercado em crescimento, seguimos avançando a NeoDiesel. Com uma governança em cinco verticais, fortalecendo o negócio e transformando o crescimento em resultado. Por trás de cada transformação, existe um time de pessoas que compartilha conhecimento, lidera e coloca a estratégia em movimento. Foi com essa força que a gente fez 2026 acontecer. Seguimos nos preparando, integrando processos, tecnologia e inteligência.

Com o go live do nosso ERP em 2027, estaremos prontos para iniciar um novo capítulo da nossa transformação. Todo esse movimento também chegou até quem está do outro lado, o consumidor. Com nossa nova campanha, reforçamos nosso legado e a confiança na qualidade dos combustíveis. Além de eternizarmos o personagem que o brasileiro reconhece e que consegue explicar tudo o que a Ipiranga tem de melhor. A gente criou identificação, esteve presente no futebol e no maior festival de música e entretenimento do mundo. Foi um ano de mudanças com muitas oportunidades e estávamos preparados. Crescemos, nos conectamos com eficiência e seguimos fazendo o que nos move: completar a jornada de cada brasileiro. Então fica o convite: na sua próxima parada, passa lá no Posto Ipiranga, porque lá a parada é completa. Ipiranga, completa pra mim. Great.