MARKETS / NYSE / Utilities / Piped gas / UGP

NYSE · NATURAL GAS DISTRIBUTION · LARGE CAP

Ultrapar Holdings Inc. UGP

10 fiscal years on record · BRL · FY2024 reported · SEC filings only

Revenue

BRL 133.5B

▲ 5.9% YoY

Net income

BRL 2.4B

▼ 3.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Grupo Ultra operates in the energy, mobility and logistics infrastructure sectors in Brazil, through Ipiranga, Ultragaz, Ultracargo and Hidrovias. Ipiranga distributes diesel, gasoline, ethanol, NGV, fuel oil, kerosene, arla 32, lubricants and greases nationwide through a network of 5,805 service stations and 85 storage terminals as of December 31, 2025. In 2025, Ultragaz served approximately 53 thousand business customers in the bulk LPG segment and around 10.5 million households in the bottled segment, through a network of approximately 6.3 thousand independent retailers. Ultracargo provides liquid bulk storage in Brazil, operating nine terminals with a total installed capacity of 1,090 thousand cubic metres in 2025. Hidrovias provides waterway logistics services in Latin America, among them river navigation and transshipment and loading and unloading at port terminals, and transported 17.9 million tons of cargo in 2025. Ultrapar is the holding company of Grupo Ultra and is responsible for capital allocation and portfolio management. The group was founded in 1937 by Ernesto Igel, following the creation of the first Brazilian bottled-gas distribution company.

Written from the business description in ULTRAPAR HOLDINGS INC's annual report to the U.S. Securities and Exchange Commission, filed 29 April 2026. Every sentence was checked against that document before publication.

Growth

BRL 133.5B

Revenue, FY2024 · full 10-year series below

Revenue BRL B Net income BRL B

FY2024 · Revenue 133.5 · Net income 2.4

100B200B

2015201820212024

Compound annual growth

Revenue

+6.8%

+10.0%

Net income

+40.6%

+44.6%

EPS, diluted

+39.7%

+44.0%

Dividend / share

−3.1%

Returned to shareholders

+11.7%

+10.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +10.0% a year over the five years to FY2024 — but profit grew faster: net income at +44.6%, earnings per share at +44.0%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

ROE

FY2024 · ROE 16.5%

5%10%15%

201520192024

Three returns, three denominators.

Return on equity16.5%

Return on assets6.5%

Return on capital employedNot available: we don't have a clean operating profit figure for this period.

Gross margin·

Operating margin·

Net margin·

EBITDA·

Each BRL of equity produced 16 cents of profit this year.

Cash & shareholders

BRL 982.6M

returned in FY2024 · dividends + net buybacks

Free cash flow BRL B

FY2023 · FCF 2.8

1B2B

201520192024

Net buybacks BRL M Dividends BRL M

FY2024 · Dividends 833.7 · Net buybacks 148.9

400M800MDividendsNet buybacks

2015201620172018201920202021202220232024

Dividends paidBRL 833.7M

Net buybacksBRL 148.9M

Share of profit41.6%

Consecutive raises1 year

BRL 833.7M in dividends and BRL 148.9M in buybacks — 42% of the year's profit went back to shareholders.

Total assetsBRL 39.6B

EquityBRL 15.2B

CashBRL 2.1B

Gross debtBRL 14.3B

Net debtBRL 12.2B

Current ratio1.53×

Net debt stands at 81% of equity.

The 10-year record

10 fiscal years

Every figure from documents filed with the SEC · BRL

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data

UGP, 10-year financial record
Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue BRL B	133.5	126.0	143.6	109.7	74.1	83.0	90.7	79.2	76.7	75.7
Operating income BRL B	◌	◌	◌	◌	◌	◌	◌	0.1	0.2	0.1
EBITDA BRL B	◌	◌	◌	◌	◌	◌	◌	0.8	0.8	1.1
Income tax BRL B	1.5	1.1	0.3	0.2	0.3	0.5	◌	−0.9	−0.8	−0.7
Net income BRL B	2.4	2.4	1.8	0.9	0.9	0.4	1.2	1.5	1.5	1.5
Free cash flow BRL B	◌	2.8	1.1	1.6	2.4	2.2	1.7	0.4	1.0	2.4
EPS, diluted BRL	2.11	2.21	1.64	0.78	0.82	0.34	1.05	1.40	1.41	2.74
Dividend / sh BRL	◌	0.40	0.10	0.17	0.44	◌	◌	◌	◌	◌
Payout %	35	16	35	83	32	160	70	62	57	55
ROE %	16.5	19.4	16.5	8.7	9.4	4.0	12.3	17.3	18.7	18.9
Shares out B	◌	◌	◌	◌	0.05	0.05	0.03	◌	0.03	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Other companies filing in the same sector

ET · EPD · OKE · DUK · NRG · SO

Provenance

Company facts, as filed

How we verify · 0 failures in 47 reconciliationsAUDITED

Reconciled in 10 of the 10 fiscal years we could check. 18 checks were skipped: the balance sheet is not tagged before 2016. Nine checks were skipped: the share count is not tagged before 2016. Eight checks were skipped: revenue is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityNatural Gas Distribution

Listed onNYSE

Incorporated innot stated in the filings

Fiscal year endsDecember 31

Data on record since2015