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- **Leverage Reduction**: 1.7x ratio after BRL 326M dividend payout, down from 1.9x. 
- **Hidrovias Surge**: 30% volume growth, EBITDA up 98% YoY to BRL 332M. 
- **Cash Generation**: BRL 2.1B operating cash, triple Q3 2024 levels. 
- **Strategic Moves**: LNG stake acquisition and Ultracargo expansion.

**【CEO Summary Section】**
- CEO highlighted the company's fight against illegal fuel practices, resulting in a 1.7x leverage ratio after reducing debt by BRL 326 million in dividends. 
- Strategic investments included the expansion of Ultracargo's terminal in Santos and the acquisition of a 37.5% stake in Virtu for LNG logistics. 
- Hidrovias' record performance with 30% volume growth in the South corridor drove EBITDA to BRL 332 million, up from BRL 169 million in Q3 2024.

**【CFO Financial Commentary】**
- Q3 2025 adjusted EBITDA reached BRL 1.9 billion, up 27% YoY, driven by Hidrovias' consolidation. 
- Net income rose 11% YoY to BRL 772 million, despite higher financial expenses. 
- Operating cash generation tripled to BRL 2.1 billion, offsetting BRL 258 million in draft discount settlements. 
- CapEx increased 46% YoY to BRL 756 million, focused on Ipiranga's service station expansion and ERP system upgrades.

**【Q&A Highlights】**
- **Market Recovery**: Ipiranga saw 1% YoY volume growth in gasoline, with Q4 expected to match Q3 profitability. 
- **Capital Allocation**: CEO emphasized disciplined investment in high-growth sectors like LNG and LPG, with Hidrovias' Cabotage sale reducing debt by BRL 750 million. 
- **Ultragaz Challenges**: LPG sales volumes fell 6% YoY due to economic slowdown, but EBITDA rose 3% through cost control. 
- **Hidrovias Outlook**: Q4 EBITDA expected to mirror 2022 levels, with South corridor navigation improvements sustaining growth.

Ultrapar Participações S.A. (UGP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UGP

UGP fundamentals

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