Ultrapar Participações S.A. (Ultrapar), through its subsidiaries, engages in energy, mobility and logistics infrastructure business.
As of December 31, 2024, Ultrapar owned three main businesses: Ipiranga, Ultragaz, and Ultracargo. In addition, following a series of transactions, Ultrapar Logística, an indirect subsidiary of Ultrapar, acquired an equity participation in Hidrovias.
Ipiranga
In 2007, Ultrapar, Petrobras, and Braskem announced their intent to acquire the Ipiranga Group. After th...
Ultrapar Participações S.A. (Ultrapar), through its subsidiaries, engages in energy, mobility and logistics infrastructure business.
As of December 31, 2024, Ultrapar owned three main businesses: Ipiranga, Ultragaz, and Ultracargo. In addition, following a series of transactions, Ultrapar Logística, an indirect subsidiary of Ultrapar, acquired an equity participation in Hidrovias.
Ipiranga
In 2007, Ultrapar, Petrobras, and Braskem announced their intent to acquire the Ipiranga Group. After the completion of the acquisition of the Ipiranga Group, its businesses were divided among Petrobras, Ultrapar, and Braskem. Ultrapar retained the fuel and lubricant distribution businesses located in the South and Southeast regions of Brazil; Petrobras received the fuel and lubricant distribution businesses located in the North, Northeast, and Midwest regions of Brazil; Petrobras and Braskem received the Petrochemical Business, in the proportion of 60% for Braskem and 40% for Petrobras, and each party retained a one-third stake in RPR.
In 2024, the company continued to focus on these four essential pillars, especially logistics and distribution, aiming to keep results consistent, with a stronger and healthier network. In addition, Ipiranga announced the investment plan for 2025, which includes an important investment in its technology platform for ERP and satellite systems, with productivity and efficiency gains.
Ultragaz
When Ultragaz began its operations, it served only the Southeast region of Brazil. As of December 31, 2024, Ultragaz operated nationwide in the distribution of both bottled and bulk LPG, including the most highly populated states in Brazil, such as São Paulo, Minas Gerais, and Bahia, and may sell bottled LPG through independent dealers. Bulk LPG is served through Ultragaz's own infrastructure.
On September 12, 2022, Ultragaz signed an agreement for the acquisition of all shares of Stella, a technology platform founded in 2019 that connects renewable electricity generators and customers through distributed generation, and the transaction closed on October 1, 2022.
Additionally, on November 21, 2022, Ultragaz signed an agreement for the acquisition of all shares of NEOgás, a pioneer in the transportation of compressed natural gas in Brazil, operating in several segments, including the industrial, vehicular, and development of special projects in partnership with natural gas distributors. This transaction reinforces Ultragaz’s strategy of expanding its offering of energy solutions to its industrial customers, making use of its capillarity, commercial strength, and brand.
On September 1, 2024, Ultragaz acquired a 51.7% interest in Witzler Participações S.A. (‘Witzler’). Witzler operates in the commercialization of electrical energy in the free market and in the energy management of its customers. This acquisition is aligned with Ultragaz's strategy of expanding its offering of energy solutions to its customers, leveraging its capillarity, commercial strength, brand, and extensive base of industrial and residential customers, consistent with the disclosure Ultrapar has been providing to its shareholders and to the capital market. Through Witzler, Ultragaz started to work with high voltage customers, consolidating its position in the electrical energy market.
Ultracargo
Ultracargo is building a greenfield terminal in the city of Palmeirante, which will be the first liquid bulk terminal in the state of Tocantins. The Palmeirante terminal is expected to increase Ultracargo’s total installed capacity by 23 thousand m³ by the second quarter of 2025 and supply fuels for the states of Maranhão, Tocantins, Pará, and Mato Grosso. The Rondonópolis terminal is also currently under expansion, and Ultracargo expects to add 22 thousand m³ of capacity to the terminal by the second quarter of 2025. Finally, the projects to expand the Santos terminal by the second quarter of 2025 and the Suape terminal by the second quarter of 2026 are expected to add 34 thousand m³ and 40 thousand m³ to Ultracargo’s total installed capacity, respectively.
The company concentrates its activities in the energy, mobility, and logistics infrastructure segments, through Ipiranga, Ultragaz, Ultracargo, and Hidrovias.
The company’s strong relationship with dealers is an essential asset for it. It offers distribution exclusivity and differentiates incentive programs for resellers in Ultragaz and Ipiranga, and invests in training them to maximize efficiency, further strengthen its relationship with them, and promote high-quality standards to all of its distribution network.
In addition, network management and engagement have been one of the main fronts on which Ipiranga’s management has focused its attention in the last years, and are one of the four pillars of Ipiranga’s turnaround plan.
Strategies
The company’s strategies are to capitalize on its existing strengths; streamline its business portfolio and further invest in the energy, mobility, and logistics infrastructure sectors in Brazil; invest in building a succession pipeline for key leadership positions; sustainability as part of the company’s long-term strategic plan; invest in new energy solutions through Ultragaz; expand the company’s bulk storage capacity, including to inland operations, while seeking to maximize asset utilization; focus on safer and more efficient operations in fuel distribution; promote and benefit from the formalization of the fuel distribution market; and strengthen logistics infrastructure capabilities and expand presence in sectors exposed to the Brazilian agribusiness sector, through strategic investment in Hidrovias.
Ultragaz
As of December 31, 2024, Ultragaz was the leading company in the Brazilian bulk LPG market and the second largest in total volumes, according to Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP). Ultragaz was the first LPG distributor in Brazil, when wood stoves and, to a lesser extent, alcohol, kerosene, and coal stoves were used.
Ultragaz consists of Cia Ultragaz, the company that pioneered the company’s LPG operations, and has the following operating subsidiaries:
Bahiana, which primarily operates in the Northeast region of Brazil.
Utingás, a storage services provider that operates two facilities in São Paulo and Paraná. Ultragaz indirectly owns 57% of Utingás.
Ultragaz Energia, which comprises Stella, a technology platform that connects renewable electricity generators (solar plants) and customers through distributed generation. It is an alternative for low voltage consumers to access lower energy prices. The company was founded in 2019 and was acquired by Ultragaz in 2022.
NEOgás do Brasil Gás Natural Comprimido S.A. (NEOgás), a pioneer in the transportation of compressed natural gas in Brazil, operates in several segments, including the industrial, vehicular, and development of special projects in partnership with natural gas distributors. The transaction was approved by CADE in January 2023 and closed on February 1, 2023.
Witzler, which commercializes electricity in the free market and provides energy management for high voltage. The transaction was approved by Conselho Administrativo de Defesa Econômica (CADE) on July 8, 2024, and closed on September 1, 2024. Through this acquisition, Ultragaz, which already offers solutions for low voltage customers through Ultragaz Energia (as a result of the acquisition of Stella Energia), will also start working with high voltage customers, consolidating its position in the electrical energy market.
Marketing
Ultragaz’s strategy for the bulk LPG distribution is to continue innovating its products and services for a variety of clients, including large, medium, and small businesses, as well as condominiums. Ultragaz has a team to identify the needs of each bulk LPG client and to develop technical solutions for using LPG as an energy source. It permeates the entire value chain of the bulk segment, based on a differentiated value proposition for the client, standardization of processes, and rationalization of the installation process.
In 2024, Ultragaz’s network served approximately 57 thousand business customers in the bulk segment and more than 11 million households in the bottled segment through a network of approximately 6 thousand independent retailers.
LPG distribution is a dynamic retail market where consumers’ habits change constantly, thus creating opportunities for the company. In order to track market developments more closely and differentiate itself from its competitors, Ultragaz has developed and enhanced sales channels and payment methods. In the last decade, the company expanded Disk Gás (sale of LPG bottles by telephone) and, more recently, cell phone messages (WhatsApp) and through a smartphone app (Ultragaz app), which reached 7.5 million downloads at the end of 2024. Ultragaz entered into sales partnerships with apps and Km de Vantagens (KMV). These initiatives provide customers with greater convenience, add further value, and generate logistic optimization to Ultragaz. The same principles have been extended to the bulk segment, in which Ultragaz is a pioneer and has a leading position.
Ultragaz has been developing new technologies for different markets, such as industrial, agribusiness, small and medium businesses, residential buildings, and household customers. For agribusiness, Ultragaz has developed a new system to control the whole seed and grain drying process using Internet of Things (IoT) to optimize LPG consumption. In addition, Ultragaz has also expanded LPG uses portfolio to residential buildings, with a solution for remote gas metering, improving the technology for its customers and increasing the security of the reading process.
Distribution infrastructure
Ultragaz’s distribution strategy includes having its own infrastructure for bulk LPG, given that proximity to customers is a significant success factor. Ultragaz delivers bottled LPG, using a distribution network, which included 6.3 thousand independent resellers. Ultragaz has also invested in information technology for improving its processes, such as logistics optimization and production efficiency, and owned a fleet of around 106 vehicles for gas bottles delivery and 311 vehicles for bulk delivery as of December 31, 2024.
On August 16, 2023, CADE approved the consortium agreement between Ultragaz and Supergasbrás for sharing part of their operations, infrastructure of LPG storage and filling bases. Through this agreement, Ultragaz has expanded its presence from 19 to 24 existing filling bases. Through this partnership, benefits such as optimizing logistics routes, reducing costs related to operations, filling and storage, and greater supply security and service levels for customers and resellers are expected.
On November 29, 2024, Ultragaz announced that it submitted for approval CADE a partnership to be developed between Supergasbrás Energia Ltda. and Ultragaz, through the establishment of a special purpose entity (‘SPE’), with an equal stake among such shareholders, for the construction and operation of a terminal at the Port of Pecém (state of Ceará) for handling LPG (the ‘Project’). In addition to CADE’s approval, the transaction is subject to other precedent conditions, common for this type of transaction. Once approved, a structure with a storage capacity of approximately 62 thousand tons is expected to be built, which is expected to be concluded in 2028.
Independent resellers
Ultragaz’s independent distribution network ranges from large resellers, which carry out extensive home deliveries, to single retail stores, which sell small quantities of LPG bottles. ANP Resolution 51/16, as amended, sets that the independent resellers must be registered with ANP and comply with a list of prerequisites, as well as those required by law for the storage of bottles up to 90 kg. Also, each municipality sets forth its own safety regulations, including a minimum distance from certain locations, such as schools. For the year ended December 31, 2024, 97% of Ultragaz’s bottled LPG sales were made through resellers. The agreements entered between Ultragaz and independent resellers require the use of Ultragaz brand and the display of Ultragaz logo in the delivery vehicles and on the uniforms worn by the delivery staff. Proprietary rights of the trademark and the logo are retained by Ultragaz and are duly registered with Instituto Nacional de Propriedade Industrial (INPI). All contracted resellers are Ultragaz’s exclusive representatives. Under the terms of the respective contracts, each dealer agrees not to deliver non-Ultragaz LPG bottles.
The main program is the Lapidar Challenge (exclusive excellence program for resellers), which seeks to standardize the best management practices of Ultragaz’s resellers, through the pillars of customer experience, business management, teams, and resale structure, with a focus on strict compliance with the laws applicable to the sector. Through a continuous evaluation process with annual cycles, resellers are classified into categories, allowing participants to verify their performance against Ultragaz standards of excellence and stimulating constant improvement.
Distribution channels to bulk consumers
Bulk distribution is made directly to customers by delivering LPG to storage tanks located at customers’ facilities. Both large and small bulk distribution are mainly made by bob-tail trucks and, in some cases, third-party tanker trucks.
Ultragaz has improved the digitization of its processes and sales channels by offering an omnichannel solution to customers. This digital service channel offers greater security, transparency, and agility in service. Ultragaz’s logistics strategy is also focused on the customer journey. The investments in routing systems, demand planning, and last-mile solutions are intended to provide high-level delivery and information services to the client, not only improving customer experience, but also raising Ultragaz’s operational efficiency.
Supply of LPG
In 2024, 17% of Ultragaz’s overall supply needs were met by private suppliers, other than Petrobras.
Competition
Ultragaz’s main competitors are: Copa Energia, Nacional Gás, and Supergasbrás.
Ultracargo
Ultracargo is the largest private provider of liquid bulk storage services in Brazil. The company stores and handles liquid bulk, mainly fuels, chemicals, ethanol, corrosives, and vegetable oils. Through its multipurpose terminals, Ultracargo operates a wide range of products, which allows it to meet the needs of different clients. In 2024, 58% of Ultracargo’s net revenues were derived from handling gasoline and diesel, 22% from chemicals, 8% from alcohol, and 12% from other liquid bulk products.
Apart from offering liquid bulk storage services, Ultracargo also provides services related to ship loading and unloading, operation of pipelines, logistics programming, and installation engineering.
Clients
Ultracargo operates with a diversified portfolio of clients and long-term contracts. In 2024, Ultracargo’s ten largest clients accounted for 62% of its revenues, with its three largest clients (including Ipiranga, a related party) accounting for 37%. In the same period, clients with contracts in the spot model (term of less than one year) and with terms of one to three years, three to five years, and more than five years accounted for 11%, 29%, 17%, and 43% of its revenues, respectively.
Increases in installed capacity
Ultracargo is building a greenfield terminal in the city of Palmeirante, which will be the first liquid bulk terminal in the state of Tocantins. The Palmeirante terminal is expected to increase Ultracargo’s total installed capacity by 23 thousand m³ in 2025 and supply fuels for the states of Maranhão, Tocantins, Pará, and Mato Grosso. Finally, the projects to expand the Santos terminal by the second quarter of 2025 and the Suape terminal by the second quarter of 2026 are expected to add 34 thousand m³ and 40 thousand m³ to Ultracargo’s total installed capacity, respectively.
Competition
Ultracargo’s main competitors are: Cattalini, Ageo, Odfjell, and Vopak.
Ipiranga
Ipiranga was established in 1937 and is one of the largest fuel distributors in Brazil, according to ANP, with a 17.3% market share in 2024 in terms of diesel, gasoline, and ethanol sales volume. Ipiranga distributes diesel, gasoline, ethanol, NGV, fuel oil, kerosene, Arla 32, lubricants, and greases nationwide through its network of 5,860 service stations and 90 storage terminals as of December 31, 2024.
Ipiranga’s fuel distribution
Ipiranga operates in the retail segment of the fuel distribution market through a network of service stations operating under the Ipiranga brand throughout Brazil and, to a significantly lesser extent, through spot sales to unbranded (white flag) service stations. Ipiranga also operates in the business-to-business (B2B) segment, with customers such as state and municipal governments, industries, and cargo and passenger transportation fleet owners.
In 2024, Ipiranga’s sales volume increased by 2%. Diesel sales decreased by 1%, while the volume of Otto cycle was 5% higher, with an increase of 37% in ethanol and a decrease of 6% in gasoline.
Competition
Ipiranga’s main competitors are: Vibra and Raízen.
Network of service stations
Responsible for 78% of Ipiranga’s total volume in 2024, the retail segment of the fuel distribution market had, as of December 31, 2024, a network of 5,860 service stations operating under the Ipiranga brand throughout Brazil, of which 641 were located on land owned by or leased to Ipiranga, while 5,219 were located on land owned by third parties. In 2024, 90% of these stations were in urban areas, whereas the remaining were on highways.
Furthermore, network management and engagement have been one of the main fronts on which Ipiranga’s management has focused its attention and were one of the four pillars of Ipiranga’s turnaround plan in the last years. During 2022 and 2023, Ipiranga conducted a legacy management process of its service stations, with a complete review of the network to optimize operations and to allow Ipiranga to strengthen its relationship with resellers that are considered true business partners, engaging with them in a close and transparent manner.
In 2024, Ipiranga strengthened its presence in the fuel distribution market through a strategic partnership with Chevron, one of the global leaders in the fuel distribution market, and brought back the Texaco brand to service stations in Brazil. This partnership reflects Ipiranga’s ongoing pursuit of diversification and new solutions for its consumers and dealers.
B2B (Business to business)
Ipiranga operates in the B2B segment with more than 6,300 clients, such as state and municipal governments, industries, cargo and passenger transportation fleet owners, TRRs, and others. In 2024, Ipiranga’s ten largest clients in the B2B segment accounted for 21% of its revenues in this segment. Distribution to B2B represented 22% of Ipiranga’s total volume in 2024.
Ipiranga has implemented a differentiated strategy in the B2B segment, offering a variety of premium products and technological services to provide a better customer experience and to promote customer retention. Ipiranga’s goal is to continue to develop new products and services to meet the needs of its B2B clients in the various segments in which it operates, and become the first choice of corporate consumers. To achieve this, Ipiranga’s B2B team relies on a group of highly skilled and experienced professionals dedicated to multiple projects designed to provide new solutions to the B2B market.
KMV
Km de Vantagens was created in 2009 and pioneered customer loyalty programs within the fuel industry. The program allows customers and resellers to redeem rewards and benefits in several different industries, such as entertainment, tourism, magazines, airline tickets, car rental, among others, and has served as an important platform for strengthening the relationship between Ipiranga and its customers.
Ipiranga developed and launched abastece aí in 2016, a mobile payment service app, that seeks to maximize advantages from the integration of platforms to offer even greater convenience and benefits to customers. Through the abastece aí app, customers could obtain discounts in exchange for Km de Vantagens points. In addition, they could receive rewards of their preference and finalize the fueling process by using a unique Km de Vantagens password in a safe payment method.
AmPm
AmPm is the seventh-largest franchise network in Brazil, according to the ABF 2024 ranking, with 1,450 stores and a 25% penetration in Ipiranga service stations as of December 31, 2024.
Since 2013, AmPm Suprimentos has operated its own supply structure, with four distribution centers located in the states of Rio de Janeiro, São Paulo, Rio Grande do Sul, and Paraná.
As part of the company’s strategy to establish itself as a ‘house of brands,’ AmPm expanded partnerships with Pizza Hut, Nathan’s Famous, Oakberry, and Mr. Cheney Cookies, driving greater engagement and profitability for franchisees. In 2024, the company advanced with its joint venture with Krispy Kreme, bringing the leading U.S. donut brand to Brazil. The project plans to launch its first store in 2025, and by the end of the year, the joint venture expects to have multiple store formats operating in São Paulo, further solidifying the brand’s presence in the country.
Jet Oil
The Jet Oil business unit is Ipiranga’s lubricant-changing and automotive specialized service network. Jet Oil ended 2024 with 1,120 franchises. Jet Oil units offer an oil change service that features technology and safety, unifying quality products and expert services. These attributes translate Jet Oil’s slogan for consumers: ‘The full care that your car deserves.’
Iconic
In 2016, Ipiranga entered into a joint-venture agreement with Chevron to create Iconic to operate in the lubricant sector, holding a 56% stake, while Chevron owns the remaining 44%. Iconic initiated operations at the end of 2017.
Iconic’s strategy is to benefit from the expertise of Ipiranga and Chevron in the lubricant sector, including through the use of the Ipiranga Lubrificantes and Texaco brands, and the combination of their complementary businesses, resulting in a sales network with high capillarity.
Property, Plant, and Equipment
Ipiranga
As of December 31, 2024, Ipiranga distributed fuels through 90 storage terminals, which are strategically located to provide fast and efficient delivery of its products. There are two types of storage terminals: primary, which are usually located near the coast and large cities and are supplied by refineries through pipelines; and secondary storage terminals, mainly located inland and supplied by primary storage terminals through railways or road transportation at locations not serviced by railway systems. Large customers and TRRs are also serviced by primary storage terminals. As of December 31, 2024, Ipiranga had 48 primary storage terminals and 42 secondary storage terminals.
As of December 31, 2024, the total capacity of Ipiranga’s storage terminals was 1,132 thousand m³, of which 26% were owned, 46% were related to third-party agreements, and 28% were related to jointly operated terminals.
Ultragaz
Ultragaz’s LPG distribution network includes 46 storage plants, including 2 storage plants indirectly held through its stake in Utingás, 19 of which are also filling plants. LPG is carried to the filling plants either via gas pipelines from Petrobras’ facilities or by tanker trucks. When LPG transportation is made via gas pipelines, the bases are known as primary, and when transportation is made via tanker trucks, the bases are known as secondary.
Ultragaz also operates storage bases for LPG, known as satellite bases, for supplying its bulk trucks. These storage facilities are strategically located to keep supplies close to Ultragaz’s customer base, thus reducing transportation costs. As of December 31, 2024, Ultragaz had 10 primary plants, 9 secondary plants, and 25 satellite bases located in all the regions of Brazil.
LPG is stored in the filling plants in large LPG storage tanks with a median of 60 tons per tank. In the case of LPG to be delivered in bulk, LPG is pumped directly from the storage tanks into the bulk tankers. In the case of LPG to be delivered in bottles, LPG is pumped from storage tanks into several filling heads, which fill the LPG bottles.
On August 16, 2023, CADE approved the consortium agreement between Ultragaz and Supergasbrás for sharing part of their operations, infrastructure of LPG storage, and filling bases. Through this agreement, Ultragaz has expanded its presence from 19 to 24 existing filling bases. Through this partnership, benefits such as optimizing logistics routes, reducing costs related to operations, filling and storage, and greater supply security and service levels for customers and resellers are expected.
As of December 31, 2024, Ultragaz had a total storage capacity of 22.1 thousand tons, including the storage capacity indirectly held through its stake in Utingás. In addition, Ultragaz maintains its headquarters in the city of São Paulo and regional offices in the areas in which it operates.
Trademarks and Patents
Ipiranga and its subsidiaries own registrations for the trademarks used in its distribution business, such as Ipiranga, AmPm, Jet Oil, KMV, Clube VIP Ipiranga, Clube do Milhão Ipiranga, Posto 24 horas, Atlantic, Gasolina Original Ipiranga, AmPm Estação, among several others. The 10-year period of validity of the registrations for these trademarks will expire between 2025 and 2035.
Other subsidiaries also own registrations and applications for its main trademarks, such as Ultragaz, Ultragaz Ultrasystem, and Brasilgás trademarks for the activities of Ultragaz, and Ultracargo and Ultradata for the activities of Ultracargo. The 10-year period of validity of the registrations for these trademarks will expire between 2025 and 2035.
History
Ultrapar Participações S.A. was founded in 1937. The company was incorporated in Brazil in 1953.
