EarningsQ2 2026 Earnings Report
MX:UGPN Q2 2026 EPS Results
Actual EPS$4.87
Consensus EPS$4.45
Beat/MissBeat by +$0.42
One Year Ago EPS$3.35
MX:UGPN Q2 2026 Revenue Results
Actual Revenue$148.68B
Expected Revenue$148.01B
Beat/MissBeat by +$669.46M
YoY Revenue Growth+36.75%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeAfter Close
Conference CallWednesday, August 12, 2026
MX:UGPN Upcoming Earnings
Ultrapar Participacoes SA's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UGPN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial picture: record operating cash flow, the highest-ever net income, robust consolidated EBITDA, reduced leverage to the lowest level since 2008, shareholder distributions (dividends and buyback), and solid performance at Ipiranga and Ultracargo. However, near‑term risks remain — notably Middle East‑driven supply volatility pressuring Q3 margins, working capital sensitivity to price swings, Ultragaz volume and market share challenges, and Hidrovias' year‑over‑year declines driven by a prior divestiture and higher costs. On balance, achievements and financial strength substantially outweigh the operational headwinds and short‑term uncertainties.Company Guidance
Record Operating Cash Flow
Operating cash flow of BRL 4.789 billion in Q2 2026 (BRL 4.8bn), versus BRL 939 million in Q2 2025 — a ~410% year‑over‑year increase. Excluding BRL 833 million in draft discount contracting, operating cash flow would be BRL 3.956 billion.
Highest Ever Net Income
Net income reached BRL 1.677 billion in the quarter, up BRL 527 million or 46% year‑over‑year, driven by higher operating results across businesses.
Strong Consolidated EBITDA
Recurring adjusted EBITDA of BRL 3.657 billion (consolidated), reflecting improved results across all business units, led by Ipiranga.
Lowest Leverage Since 2008
Net debt of BRL 8.864 billion and leverage of 0.9x (net debt/EBITDA), the lowest level since 2008, enabled debt paydowns at Hidrovias and Ipiranga.
Shareholder Returns and Buyback
Approved distribution of BRL 1.85 billion relating to the first half (BRL 1 per share; dividend yield ~3.8%) and a share buyback program of up to 18 million shares to return capital to shareholders.
Ipiranga Market Share and Volume Gains
Ipiranga sold 6.173 million m3 in Q2 2026, up 8% YoY (diesel +10%, auto cycle +6%), grew faster than the market (Ipiranga H1 growth 8% vs market 3%), and gained 0.9 percentage points of market share amid a crackdown on irregular operators.
Ipiranga EBITDA and Per‑Unit Margin
Ipiranga recurring EBITDA of BRL 2.782 billion in Q2 with a margin of BRL 451 per m3 (equivalent to BRL 0.36 per liter EBITDA margin contribution to pump price).
Ultracargo Capacity and Volume Growth
Average installed capacity of 1.156 million m3 (+8% YoY) and cubic meters sold up 19% YoY; net revenue BRL 265 million (+7% YoY) and adjusted EBITDA BRL 159 million (+13% YoY).
Ultragaz EBITDA Resilience
Despite a 3% decline in LPG volumes, Ultragaz delivered recurring EBITDA of BRL 468 million, up 6% YoY, driven by a more favorable sales mix and comparisons that included BRL 70 million of asset write‑offs in Q2 2025.
Corporate Recognition
Ultrapar included for the first time in the Dow Jones Best‑in‑class Emerging Markets Index — a recognition of ESG and governance improvements.
MX:UGPN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed