Ultrapar Participacoes SA (UGP) 2025 Q2 法說會逐字稿

Good morning. Thank you for waiting. Welcome to the earnings release call of Ultrapar to discuss the results referring to the second quarter of 2025.

早安.感謝您的等待。歡迎參加 Ultrapar 的收益發布電話會議，討論 2025 年第二季的業績。

The presentation will be conducted by Mr. Rodrigo Pizzinatto, CEO of Ultrapar; and by Mr. Alexandre Palhares, CFO of Ultrapar. Our question-and-answer session will also have Mr. Leonardo Linden, CEO of Ipiranga; Tabajara Bertelli, CEO of Ultragaz; and Fulvius Tomelin, CEO of Ultracargo.

演講將由 Ultrapar 執行長 Rodrigo Pizzinatto 先生和 Ultrapar 財務長 Alexandre Palhares 先生主持。我們的問答環節也將邀請 Ipiranga 執行長 Leonardo Linden 先生； Tabajara Bertelli，Ultralgaz 執行長；以及 Ultracargo 執行長 Fulvius Tomelin。

This call is being recorded, and it may be accessed in the website, ri.ultra.com.br. (Operator Instructions)

本次通話正在錄音，您可以透過網站 ri.ultra.com.br 存取。（操作員指示）

I'd also like to let you know that our conference is being conducted in Portuguese and there is simultaneous translation available through interpretation. For those listening to the conference in English, you may mute the original volume just listening to the English translation.

我也想告訴大家，我們的會議將以葡萄牙語進行，並提供同聲傳譯。對於那些用英語收聽會議的人，您可以將原始音量靜音，只聽英文翻譯。

The presentation will be shown in Portuguese and the version in English is available for download from the website of the company or through the chat. Before moving on, we would like to clarify that forward-looking statements that may be made during this conference call with respect to business prospects of Ultrapar, their forecast, operational, and financial goals of the company are all based on beliefs and assumptions of the Executive Board as well as on currently available information.

簡報將以葡萄牙語顯示，英文版本可從公司網站或透過聊天下載。在繼續之前，我們想澄清一下，本次電話會議中可能就 Ultrapar 的業務前景、預測、營運和公司財務目標做出的前瞻性陳述均基於執行委員會的信念和假設以及當前可用的信息。

There are no guarantee of performance. They involve risks and uncertainties since they relate to future events, and therefore, depend on circumstances, which may or may not occur. Investors should understand that general economic conditions, the market, and other operational factors may affect the future performance of the company and lead to results which may differ materially from those expressed in these forward-looking statements.

沒有任何性能保證。由於它們與未來事件有關，因此涉及風險和不確定性，取決於可能發生或可能不會發生的情況。投資人應了解，一般經濟狀況、市場和其他營運因素可能會影響公司的未來業績，並導致與這些前瞻性陳述中表達的結果有重大差異。

I would like now to hand it over to Mr. Rodrigo Pizzinatto, who will start the presentation. Mr. Pizzinatto, you have the floor.

現在我想將發言權交給 Rodrigo Pizzinatto 先生，他將開始發言。皮齊納托先生，請您發言。

It is a pleasure to half of 2025 and talk about our achievements and what we are building always focused on the long-term value creation and the development and growth of our businesses. Among the highlights, I want to call your attention to the strong operational cash flow generation, even with BRL900 million reduction in draft discount due to the IOF tax burden as a result of our disciplined focus on working capital management.

我很高興在 2025 年即將過去一半的時候談論我們的成就和我們正在建立的目標，我們始終專注於長期價值創造以及我們業務的發展和成長。在所有亮點中，我想提請大家注意強勁的營運現金流產生，儘管由於我們嚴格注重營運資本管理，IOF 稅負導致匯票折扣減少了 9 億巴西雷亞爾。

Furthermore, we achieved record results at Hidrovias, which has been consolidated into Ultrapar's financials since May when we became the controlling shareholder after its capital increase. Still regarding Hidrovias, I also reinforced our belief in its potential for growth in value creation. The stronger results, the reduction in net debt and in the cost of debt, along with all the liability management actions executed after the capital increase already demonstrated part of this plan.

此外，我們在 Hidrovias 取得了創紀錄的業績，自 5 月我們透過增資成為其控股股東以來，該公司的財務狀況已合併到 Ultrapar 的財務中。仍然關於 Hidrovias，我也加強了我們對其在價值創造方面具有成長潛力的信心。更強勁的業績、淨債務和債務成本的減少以及增資後執行的所有負債管理行動已經證明了該計劃的一部分。

And regarding Ipiranga, we recognized BRL677 million in extraordinary tax credits resulting from the remaining portion of historical ICMS tax credits in the PIS/COFINS calculation basis. We continue to experience illegalities in the fuel sector, including the increase in the regular import of naphtha for selling as gasoline with reduced tax burden and noncompliance with the required biodiesel blend in diesel.

關於伊皮蘭加，我們確認了 6.77 億巴西雷亞爾的特別稅收抵免，該抵免來自 PIS/COFINS 計算基礎中歷史 ICMS 稅收抵免的剩餘部分。我們在燃料產業繼續遇到違法行為，包括定期進口石腦油增加，以降低稅負作為汽油出售，以及柴油不符合生質柴油混合要求。

On the other hand, there were advances with the implementation of the single-phase taxation of hydrated ethanol for PIS and COFINS in May and the publishing of the list of companies not complying with the RenovaBio program despite the limited effect after injections that prevented the disclosure of certain companies' names.

另一方面，5月份對PIS和COFINS水合乙醇進行單階段徵稅的實施以及不遵守RenovaBio計劃的公司名單的公佈取得了進展，儘管注射後的效果有限，導致某些公司的名稱無法披露。

I also highlight the evolutions in Sao Paulo state with the start of the tax solidarity principle for resellers and distributors for state tax not collected, a milestone in Brazil's fight against tax evasion. And at Ultracargo, we completed the construction of Opla's railway branch and started a gradual ramp-up of operations in Palmeirante in July as part of the company's expansion, connecting the countryside to the ports with increased exposure to the agribusiness sector.

我還要強調聖保羅州的進展，該州開始對未徵收州稅的經銷商和分銷商實行稅收團結原則，這是巴西打擊逃稅的里程碑。在 Ultracargo，我們完成了 Opla 鐵路支線的建設，並於 7 月開始逐步擴大在 Palmeirante 的業務，這是公司擴張計劃的一部分，旨在將鄉村與港口連接起來，並增加對農業綜合企業的曝光度。

We remain firmly committed to our value proposition, supported by a robust capital structure and a constant pursuit of excellence, maintaining focus and discipline in capital and value creation. We raised BRL1 billion at Ipiranga at an average cost equivalent to 106% of the CDI, below our current average cost of debt.

我們始終堅定地致力於我們的價值主張，以強大的資本結構和不斷追求卓越的精神為支撐，在資本和價值創造方面保持專注和紀律。我們在伊皮蘭加籌集了 10 億巴西雷亞爾，平均成本相當於 CDI 的 106%，低於我們目前的平均債務成本。

In the quarter, we also concluded the buyback program of 25 million Ultrapar shares at an average cost of BRL16.64. As previously disclosed, we will pay BRL326 million in interim dividends, equivalent to BRL0.30 per share in August. And now moving to the next slide.

本季度，我們也完成了2,500萬股Ultrapar股票的回購計劃，平均成本為16.64巴西雷亞爾。如前所述，我們將在8月支付3.26億巴西雷亞爾的中期股息，相當於每股0.30巴西雷亞爾。現在轉到下一張投影片。

Given the recent proposal under analysis disclosed by ANP, the National Oil Agency regarding changes in LPG regulation, we have also brought some information and data to better support the discussion.

鑑於國家石油局（ANP）最近披露的有關液化石油氣監管變化的提案正在分析中，我們也帶來了一些資訊和數據，以更好地支持討論。

Brazil is a global reference in LPG market regulation. We currently have a modern regulatory framework that ensures safety for the consumer by placing accountability on distributors. At the same time, it maintains a highly competitive market where investments in efficiency and growth are essential to profitability and differentiation.

巴西是全球液化石油氣市場監管的典範。我們目前擁有一個現代化的監管框架，透過讓經銷商承擔責任來確保消費者的安全。同時，它保持著一個高度競爭的市場，在這個市場中，對效率和成長的投資對於獲利能力和差異化至關重要。

The proposal under analysis by ANP to end brand respect and allow partial LPG refilling endangers both the populational safety and investments in the bottle segment, creating room for illegal activities and organized crime like in Mexico. Over the past 10 years, about BRL13 billion were invested in the construction, maintenance and requalification of 133 million bottles currently in circulation in Brazil and their respective filling systems.

ANP 正在分析的取消品牌尊重並允許部分液化石油氣補充的提議不僅危及人口安全，還危及瓶裝行業的投資，為類似墨西哥的非法活動和有組織犯罪創造空間。過去10年，巴西已投資約130億雷亞爾用於目前在巴西流通的1.33億個瓶子及其各自的填充系統的建設、維護和重新認證。

Ultragaz alone invested around BRL3 billion during this period. And in brand respect discourages investments by distributors.

光是 Ultragaz 一家公司在此期間就投資了約 30 億巴西雷亞爾。而在品牌方面，這也阻礙了分銷商的投資。

The gradual aging and deterioration of LPG bottles puts population at risk. On this slide, we present some pictures from Latin American countries where brand respect doesn't exist, such as Mexico and Paraguay, illustrating the severe deterioration of LPG bottles.

液化石油氣瓶的逐漸老化和變質使人們面臨危險。在這張投影片中，我們展示了一些來自拉丁美洲國家的圖片，這些國家不存在品牌尊重，例如墨西哥和巴拉圭，這說明了液化石油氣瓶的嚴重損壞。

Countries that respect the brand, such as Chile and Colombia, maintain LPG bottle products with quality similar to that in Brazil. We also highlight some news about explosions and accidents in countries without brand respect. Furthermore, as I will demonstrate on the next slide, this change will not bring any price benefit either.

智利、哥倫比亞等尊重該品牌的國家，其液化石油氣瓶產品品質與巴西相似。我們也重點介紹了一些缺乏品牌尊重的國家發生的爆炸和事故的新聞。此外，正如我在下一張投影片中所展示的那樣，這種變化也不會帶來任何價格優勢。

The current cost of bottle exchange between distributors due to logistical efficiency, scale and proximity between bottling facilities is BRL0.50 per bottle. Another critical point in this proposal concerns LPG partial filling, which increases logistical costs and the unit price of the product while also creating challenges for inspection, operational risks and volume fraud.

由於物流效率、規模和裝瓶設施之間的接近性，分銷商之間目前的瓶子交換成本為每瓶 0.50 巴西雷亞爾。該提案的另一個關鍵點涉及液化石油氣部分充裝，這會增加物流成本和產品單價，同時也帶來檢查、操作風險和數量詐欺的挑戰。

And moving now to the next slide, the top chart presents the breakdown of costs and profit per Ultragaz bottle from January to June 2025. As you can see, Petrobras price of BRL38 per bottle does not include taxes nor other supply sources like auctions, whose prices are above BRL38 per bottle nor the primary logistics to deliver the gas to our bottling facilities.

現在轉到下一張投影片，上面的圖表顯示了 2025 年 1 月至 6 月每瓶 Ultragaz 的成本和利潤明細。如您所見，巴西石油公司的每瓶 38 巴西雷亞爾的價格不含稅，也不包括拍賣等其他供應來源（其價格高於每瓶 38 巴西雷亞爾），也不包括將天然氣運送到我們裝瓶廠的主要物流費用。

As a result, the LPG cost of Ultragaz bottling facility is BRL60 per bottle, adding the costs of filling, replacing, requalification and maintenance of bottles as well as logistics and commercial expenses and bottle exchange costs. We reached BRL73 per bottle.

因此，Ultragaz 裝瓶廠的液化石油氣成本為每瓶 60 巴西雷亞爾，這還不包括瓶子的填充、更換、重新鑑定和維護成本以及物流和商業費用以及瓶子交換成本。每瓶達到 73 巴西雷亞爾。

I highlight once more the exchange cost of BRL0.50 per bottle, including all of our administrative and financial expenses and income tax, we add another BRL4 per bottle. Our total net income to operate in the bottle segment is about BRL2 per bottle, a small unit margin of 2%, but feasible in Brazil to the scale of our market.

我再次強調，每瓶的兌換成本為 0.50 巴西雷亞爾，其中包括我們所有的行政和財務費用以及所得稅，我們每瓶再加收 4 巴西雷亞爾。我們在瓶裝飲料領域的總淨收入約為每瓶 2 巴西雷亞爾，單位利潤率僅為 2%，但就我們巴西市場的規模而言，這是可行的。

And now in the chart below, we use public data from AMP to show the evolution of prices and margins across the supply chain with figures adjusted by inflation, IPCA. In the first column, we break down the price into producer price, which is mainly Petrobras, taxes, and distribution margin.

現在，在下圖中，我們使用來自 AMP 的公開數據來顯示整個供應鏈中價格和利潤率的演變，其中數據根據通貨膨脹和 IPCA 進行了調整。在第一列中，我們將價格分解為生產者價格（主要是巴西石油）、稅收和分銷利潤。

The adjacent column in dark blue shows the final consumer price, which includes freight, costs, and margin for 58,000 independent resellers across Brazil. And as you can also observe in the historical series, the distribution margin has remained basically stable, even partially absorbing Petrobras cost increase in 2022.

相鄰的深藍色長條圖顯示的是最終的消費價格，其中包括巴西各地 58,000 家獨立經銷商的運費、成本和利潤。正如您在歷史序列中看到的，分銷利潤率基本上保持穩定，甚至在 2022 年部分吸收了巴西石油公司的成本增長。

To summarize, we present the conclusions in the box in the right. Society in Brazil does not benefit from these proposals, which, in fact, leads to unintended consequences such as higher logistical costs and reduced safety for the population.

總而言之，我們在右側的框框中給出了結論。巴西社會並沒有從這些提議中受益，事實上，這些提議也導致了意想不到的後果，例如物流成本增加和民眾安全降低。

On the other hand, these proposals create space for unlawful players, tax evaders and opportunistic companies that could enter the bottle segment without investing in bottles and filling plants. Therefore, with clarifications and discussions. This proposal should not be implemented.

另一方面，這些提議為非法參與者、逃稅者和機會主義公司創造了空間，他們無需投資瓶子和填充廠即可進入瓶裝飲料市場。因此，需要澄清和討論。這個建議不應該實施。

Thank you for your attention. I will now hand over to Alexandre, who will detail the results for the second quarter.

感謝您的關注。現在我將把時間交給亞歷山大，他將詳細介紹第二季的業績。

Thank you, Rodrigo, and good morning, everyone. Well, first, I'd like to remind you of the reporting criteria and standards used for the analysis that will be made in this presentation, which can be seen in this slide. This specific result has some particularities related to the first consolidation of Hidrovias and includes three months from the share of profit on its results in order to eliminate the lag, and we have been carrying as well as two months of EBITDA from May and June.

謝謝你，羅德里戈，大家早安。嗯，首先，我想提醒大家注意本次簡報中用於分析的報告標準和規範，您可以在這張投影片中看到。這個具體結果與 Hidrovias 的首次合併有一些特殊性，包括從其結果中分得的三個月利潤，以消除滯後，並且我們一直延續 5 月和 6 月兩個月的 EBITDA。

Now let's move to the next slide, where we will see Ultrapar's results. Total EBITDA reached BRL2.07 billion that represents a significant growth compared to last year, partially driven by the recognition of extraordinary tax credits. The recurring EBITDA for the quarter totaled BRL1.468 billion, representing an increase of 15% compared to the second quarter last year.

現在讓我們轉到下一張投影片，我們將看到 Ultrapar 的結果。總 EBITDA 達到 20.7 億巴西雷亞爾，與去年相比有顯著增長，部分原因是獲得了特別稅收抵免。本季經常性 EBITDA 總計 14.68 億巴西雷亞爾，較去年第二季成長 15%。

This performance mainly reflects the consolidation of Hidrovias results and Ultragaz' better results, which were partially offset by Ipiranga's lower EBITDA. Considering the sum of the reported EBITDA from our business, we reached BRL1.541 billion, slightly above last year's level. The strong performance from Hidrovias and Ultragaz offset Ipiranga's results.

這一業績主要反映了 Hidrovias 業績和 Ultragaz 較好業績的合併，但被 Ipiranga 較低的 EBITDA 部分抵消。考慮到我們業務報告的 EBITDA 總和，我們達到了 15.41 億巴西雷亞爾，略高於去年的水平。Hidrovias 和 Ultragaz 的強勁表​​現抵消了 Ipiranga 的業績。

The net income was BRL1.151 billion in the quarter, an increase of 134% compared to the same period of the previous year, reflecting the higher operating results and the recognition of extraordinary tax credit in the amount of BRL677 million. The CapEx for the quarter was BRL544 million.

本季淨收入為11.51億雷亞爾，比去年同期增長134%，反映了更高的經營業績和6.77億雷亞爾的特別稅收抵免的確認。本季的資本支出為 5.44 億巴西雷亞爾。

This represents an increase of 14% compared to last year, mainly reflecting the effect of consolidation of Hidrovias in the amount of BRL64 million. We had an operating cash generation of BRL1.848 billion, excluding the BRL909 million from the reduction of the draft discount, a growth of 73% compared to the same period of last year.

這比去年同期成長了 14%，主要反映了 Hidrovias 6,400 萬巴西雷亞爾合併的影響。我們的經營現金流為 18.48 億雷亞爾（不包括因匯票折扣減少而產生的 9.09 億雷亞爾），與去年同期相比增長了 73%。

This cash generation is explained by the reduction in working capital due to lower diesel and gasoline price and the addition of BRL138 million related to the consolidation of Hidrovias cash generation. Moving to the next slide to discuss debt and leverage. We ended the second quarter with a net debt of BRL12.635 billion, which is equivalent to 1.9 times net debt to EBITDA for the last 12 months compared to 1.7 times in the last quarter. This increase was due to the reduction in draft discount of BRL909 million because of the IOS tax burden.

這項現金產生的原因是柴油和汽油價格下降導致營運資本減少，以及與合併 Hidrovias 現金產生相關的 1.38 億巴西雷亞爾的增加。前往下一張投影片討論債務和槓桿。我們第二季的淨債務為 126.35 億巴西雷亞爾，相當於過去 12 個月淨債務與 EBITDA 比率的 1.9 倍，而上一季為 1.7 倍。這一增長是由於 IOS 稅負導致匯票折現減少 9.09 億巴西雷亞爾。

Excluding this effect, we would maintain the same leverage level, mainly due to the strong cash generation in the quarter, even with the consolidation of Hidrovias, which added BRL3.056 billion in the net debt and approximately 0.2 in the total leverage. in addition to the acquisition of additional stake in the company and the buyback share program of Ultrapar, which together totaled BRL494 million.

排除這一影響，我們將保持相同的槓桿水平，這主要歸功於本季度強勁的現金產生，即使合併了 Hidrovias，淨債務增加了 30.56 億雷亞爾，總槓桿率增加了約 0.2。此外，還收購了該公司的額外股份並回購了 Ultrapar 的股票計劃，總額達到 4.94 億雷亞爾。

Well, moving to Ipiranga's results. The volume sold in the second quarter was 2% lower compared to the second quarter last year. In diesel, there was a 3% reduction, reflecting the irregularities in the biodiesel blend and the import parity opened during most of the quarter, which resulted in an oversupply of products in the market.

好吧，讓我們來看看伊皮蘭加的結果。第二季的銷量與去年第二季相比下降了2%。柴油價格下降了 3%，反映出生物柴油混合物的不規則性以及本季大部分時間的進口平價，導致市場上的產品供應過剩。

The auto cycle decreased 1%, impacted by the growth in irregular imports of naphtha for sale as gasoline. We ended the period with 5,826 stations. We added 54 sub stations and closed 75 to our network throughout the quarter. Regarding AmPm, we ended the quarter with 1,460 stores and revenue growth of 10% in the quarter in the same-store sales concept. Ipiranga's EBITDA reached BRL1.199 billion.

受用作汽油銷售的石腦油不規則進口量成長的影響，汽車循環減少了 1%。截至本期結束時，我們的站點總數為 5,826 個。本季度，我們增加了 54 個變電站，並關閉了 75 個變電站。關於 AmPm，我們在本季結束時擁有 1,460 家門市，以同店銷售額計算，本季營收成長了 10%。Ipiranga 的 EBITDA 達到 11.99 億雷亞爾。

Recurring EBITDA for the quarter was BRL678 million, which is 13% down from the previous year. As I mentioned earlier, regular in naphtha and biodiesel blending, the import parity opened and the inventory levels in the market impacted volume and EBITDA, which also had additional impact due to Petrobras price adjustment during the quarter.

本季經常性 EBITDA 為 6.78 億巴西雷亞爾，較上年下降 13%。正如我之前提到的，在石腦油和生物柴油混合中，進口平價的開放和市場庫存水準影響了銷售和 EBITDA，而巴西石油公司在本季度的價格調整也產生了額外的影響。

These effects were partially offset by lower personnel expenses due to a smaller headcount and one-off expenses related to the office relocation that occurred in 2024. For the third quarter, we expect seasonally stronger volumes. We started the period with a closing import parity scenario and a trend towards normalization of inventories in the industry, which contributes to profitability above that observed in the first half of 2025.

由於員工人數減少導致人事費用降低，以及與 2024 年辦公室搬遷相關的一次性費用，部分抵消了這些影響。對於第三季度，我們預計銷售量將出現季節性成長。我們以接近進口平價的情境和產業庫存趨於正常化的趨勢開始這段時期，這有助於獲利能力高於 2025 年上半年的水準。

Moving to Ultragaz. The volume of LPG sold in the quarter was 1% lower than the second quarter of 2024, with a 2% decrease in bottle segment, reflecting the competitive dynamics of the market affected by the pass-through of increased costs of Petrobras auctions. Bulk volume remained stable.

轉向 Ultragaz。本季液化石油氣銷量比 2024 年第二季下降 1%，其中瓶裝液化石油氣銷量下降 2%，反映出受巴西石油拍賣成本增加轉嫁影響，市場競爭態勢惡化。散貨量保持穩定。

Ultragaz recurring adjusted EBITDA was BRL442 million in the quarter, 11% higher than the registered in the same period of 2024. These results reflect the better sales mix, greater efficiency in the Bulk segment and greater results from new energies, partially offset by lower results in the bottle segment and higher expenses. For the third quarter, we expect seasonally stronger volumes and recurring EBITDA slightly above the third quarter of last year, enhanced by the performance of new energy.

Ultragaz 本季經常性調整後 EBITDA 為 4.42 億巴西雷亞爾，比 2024 年同期高出 11%。這些結果反映了更好的銷售組合、散裝飲料部門更高的效率以及新能源帶來的更好業績，但被瓶裝飲料部門的業績下滑和費用上升部分抵消。對於第三季度，我們預計銷售量將因季節性因素而增強，經常性 EBITDA 將略高於去年第三季度，這得益於新能源的表現。

Going to Ultracargo, the installed capacity remained at 1,067,000 cubic meters in the period. We note that the cubic meters sold decreased 14% year over year, reflecting the lower demand for storage and fuels imports affected by industry inventory handling reduction with lower handling in Santos and Itaqui.

至於Ultracargo，該期間的裝置容量仍維持在1,067,000立方公尺。我們注意到，銷售立方公尺數量比去年同期下降了 14%，反映出儲存需求下降以及燃料進口受到產業庫存處理量減少的影響，其中桑托斯和伊塔基的處理量下降。

Net revenue totaled BRL247 million in the quarter, a reduction of 6% compared to the same quarter 2024, reflecting volumes effect partially offset by a better handling mix. Ultracargo's EBITDA totaled BRL141 million in the quarter, which is 15% lower than the same period last year and mainly explained by lower cubic meters sold and initial costs and expenses with the expansion of Opla and the new terminal in Palmeirante.

本季淨收入總計 2.47 億巴西雷亞爾，與 2024 年同期相比下降 6%，反映出銷售效應被更好的處理組合部分抵銷。Ultracargo 本季的 EBITDA 總計 1.41 億巴西雷亞爾，比去年同期下降 15%，主要原因是銷售立方公尺數減少以及 Opla 擴建和 Palmeirante 新碼頭的初始成本和費用。

For this third quarter, we expect EBITDA in line with that observed in the second quarter. Well, finally moving to Hidrovias and to explain and compare the results, we are considering the entire quarter of Hidrovias that is the same number already released by the company.

對於第三季度，我們預計 EBITDA 將與第二季度持平。好吧，最後轉到 Hidrovias 並解釋和比較結果，我們正在考慮整個季度的 Hidrovias，這是該公司已經發布的相同數字。

The total volume in the quarter was 10% higher compared to the same quarter last year. The South corridor stands out, driven by better navigation conditions aligned with the improved rainfall patterns and increased our handling as well as volume growth in the North corridor.

本季的總量與去年同期相比成長了 10%。南走廊表現突出，這得益於更好的航行條件、改善的降雨模式以及增加的處理能力以及北走廊的運輸量增長。

Recurring adjusted EBITDA totaled BRL348 million in the period, which is 39% increase compared to the second quarter last year. These results reflect improved availability conditions, higher volumes and tariff adjustments in the North corridor.

本季經常性調整後 EBITDA 總計 3.48 億巴西雷亞爾，較去年第二季成長 39%。這些結果反映了北部走廊供應條件的改善、運輸量的增加和關稅的調整。

These effects were partially offset by lower results from Cabotage and Santos operations. Recurring EBITDA from Hidrovias consolidated in Ultrapar's quarterly results totaled BRL276 million. Of this amount, BRL234 million refers to Hidrovias EBITDA for May and June.

這些影響被沿海貿易和桑托斯業務的業績下滑部分抵消。Ultrapar 季度業績中 Hidrovias 的經常性 EBITDA 總計 2.76 億巴西雷亞爾。其中，2.34億巴西雷亞爾是Hidrovias 5月和6月的EBITDA。

Following the consolidation of control and the remaining BRL42 million refers to the same -- the share of profit for the pre-consolidation period. For the third quarter, as disclosed by Hidrovias, we expect a continued strong results, a significant increase in recurring EBITDA compared to the third quarter of last year.

控制權合併後，剩餘的 4,200 萬巴西雷亞爾指的是合併前期間的利潤份額。對於第三季度，正如 Hidrovias 所揭露的，我們預計業績將繼續保持強勁，經常性 EBITDA 將與去年第三季相比大幅成長。

Well, with that, I conclude the presentation and I'd like to thank you all for the participation. Let's move to the Q&A session. But before we start, just to contribute to the dynamics of this moment, I would like to reinforce that questions related to Hidrovias will be answered from the perspective of the controlling shareholders. Any other operational details should be directed to the Hidrovias IR team. Thank you.

好了，我的演講就到此結束，感謝大家的參與。讓我們進入問答環節。但在我們開始之前，為了促進當前的動態，我想強調一下，與 Hidrovias 相關的問題將從控股股東的角度來回答。任何其他操作細節應直接聯絡 Hidrovias IR 團隊。謝謝。

(Operator Instructions) Gabriel Barra, Citi.

（操作員指示）花旗銀行的 Gabriel Barra。

Hello. Good morning, Pizzinatto, Palhares. Thank you for taking my question. And I have two questions. The first one, I think you pointed out quite well in the release and Pizzinatto talked about the informal practice and the margins in the industry.

你好。早安，Pizzinatto，Palhares。感謝您回答我的問題。我有兩個問題。第一個問題，我認為您在發布會上指出得非常好，皮齊納托談到了非正式的做法和行業利潤。

Even though there has been an impact in terms of margin for you, we've seen some improvement. There is the single phase taxation, RenovaBio. We can see some significant improvement, solidarity, a number of things happening, good things for the industry.

儘管這對您的利潤產生了影響，但我們還是看到了一些改善。有單相稅收，RenovaBio。我們可以看到一些顯著的進步、團結，以及一些正在發生的事情，這些都是對產業有益的事情。

So I would like to hear more about the dynamic of margins. Is it within what you had expected, considering your inventory levels. I'd like to hear more about that and how you can see the margins considering all the different movements involving in formal practice and what we can expect from now on in terms of this change in the industry?

因此我想了解更多有關利潤率動態的資訊。考慮到您的庫存水平，這是否符合您的預期？我想聽到更多關於這方面的信息，以及考慮到正式實踐中涉及的所有不同動作，您如何看待利潤空間，以及從現在起我們可以對這個行業的變化有何期待？

Now Ultragaz, you've talked about regulation, which is something very important. The one side, we have the Brazilian petroleum agency discussing ANP. There is also a discussion about the law of gas to all but a lot has been said about LPG especially addressed by Petrobras. Considering competition in the industry, a lot has been said about having Petrobras back into the LPG industry. Maybe it's too early, but I would like to hear your opinion about that competition.

現在，Ultragaz，您談到了監管，這是非常重要的一點。一方面，我們與巴西石油機構正在討論ANP。關於天然氣的法律也進行了討論，但關於液化石油氣（LPG）的討論已經很多，特別是巴西石油公司所討論的。考慮到產業競爭，關於巴西石油公司重返液化石油氣產業的討論很多。也許現在還為時過早，但我想聽聽你對那場比賽的看法。

You are doing quite well in terms of exchange of the bottles and so on. But if Petrobras came back into the market, what would you expect? And how are you getting prepared to a newcomer and a newcomer as big as Petrobras.

你們在瓶子交換等方面做得很好。但如果巴西石油公司重返市場，您會期待什麼呢？您如何為新來者以及像巴西石油這樣規模龐大的新來者做好準備？

And finally, in working capital and the draft discount you've mentioned, this is very much related with the discussion of IOF, the tax on financial operations. The idea was to exclude the draft discount or once there is a definition about IOF, do you think that there would be draft discount back again into your working capital. So what can we anticipate for the next quarter? Thank you very much.

最後，您提到的營運資金和折扣草案與金融營運稅 IOF 的討論密切相關。這個想法是為了排除匯票折扣，或者一旦有了關於 IOF 的定義，您是否認為匯票折扣會再次回到您的營運資金中。那我們對下一季有何預期？非常感謝。

Good morning, Gabriel. This is Linden speaking. You have a number of questions, so different people will answer them. In terms of regulation, you've got it right. Yes, there are very important movements going on.

早上好，加布里​​埃爾。我是 Linden。您有許多問題，因此不同的人會回答這些問題。從監管角度來說，你說得對。是的，正在進行非常重要的運動。

I think we should highlight the three main ones. First, the single-phase taxation pointed out by Rodrigo.

我認為我們應該強調三個主要方面。首先，羅德里戈指出的單相課稅。

The single-phase taxation has a practical effect, which is negative at first because we deteriorate the margins. But then it gets picked up with time. And we see it as positive, positive effect. Then the CBIO's of the three elements that I'm going to mention, the one that makes me more frustrated is exactly that.

單階段徵稅有實際效果，起初是負面的，因為我們降低了利潤率。但隨著時間的推移，它會被拾起。我們認為這是正面的、正面的影響。那麼我要提到的CBIO的三個要素中，讓我比較沮喪的正是這個。

It's been a very good movement, trying to get visibility to all of those who are not complying with the program, but there are injunctions, opening junctions that still have to be analyzed. It's no sense having an operator in activity for three or four years, never complying with the rules of the program. So it makes no sense, right?

這是一項非常好的運動，試圖讓所有不遵守該計劃的人得到關注，但仍有一些禁令和開放路口需要分析。讓一個運營商連續活動三、四年卻從不遵守計劃規則是沒有意義的。所以這沒有意義，對吧？

This is something that we still need more visibility to understand how it's going to be concluded. And finally, solidarity, and I agree. I think that this is a very important thing. We are talking about BRL210 million of tax debt included to those solidary responsible parties. I hope it can go into other states because only by doing that, we can start inhibiting the tax evasion I can see the effects overall has been positive.

我們仍然需要更多地了解這一點，以了解它將如何結束。最後，團結，我同意。我認為這是一件非常重要的事情。我們正在談論那些團結的責任方所欠的 2.1 億巴西雷亞爾的稅務債務。我希望它能夠進入其他州，因為只有這樣做，我們才能開始抑制逃稅行為，我可以看到整體效果是正面的。

In terms of margin, I think it's too early. It's too early to anticipate or to imagine what the impact would be. Initiatives are positive. So we expect that to bring positive effects as well in the future.

就利潤率而言，我認為現在還為時過早。現在預測或想像其影響還為時過早。舉措是積極的。因此我們期望這在未來也會帶來正面的影響。

Gabriel, Tabajara speaking. Thank you for the question. The information that we've heard in the market. We still do not have many details we can just make hypothesis, right? Petrobras coming into the market.

我是加布里埃爾，我是塔巴哈拉。謝謝你的提問。我們在市場上聽到的信息。我們還沒有掌握太多細節，只能做出假設，對嗎？巴西石油公司進入市場。

Petrobras is a top quality player. It has already operated in this industry in the past, responsible for consolidating the regulation market, focused on safety. So it would be instrumental to support the consolidation of regulation that we have.

巴西石油公司是一家頂尖公司。該公司過去已經在該行業運營，負責鞏固監管市場，並專注於安全。因此，這將有助於鞏固我們現有的監管規定。

It's a company that would really come into the market and really play by the rules. It's a player that could come in the market and support everything that is ongoing. We wouldn't see any changes in terms of the near future. The information that we have is very similar to what you mentioned. We don't have any further details.

這是一家真正進入市場並遵守規則的公司。它是一個可以進入市場並支持一切正在進行的活動的參與者。就近期而言，我們不會看到任何變化。我們掌握的資訊與您提到的非常相似。我們沒有進一步的詳細資訊。

This is Palhares speaking. Concerning the draft discount, you got it straight the discussion of the tax on financial operations IOF was the trigger. We have access to long-term funding lines at very competitive rates. We decide to use it to avoid the direct discount, and it's still a good tool to manage short-term working capital but at lower volumes, right? That's exactly it.

我是帕爾哈里斯。關於草案折扣，您說得對，關於金融運營稅 IOF 的討論是導火線。我們可以以極具競爭力的利率獲得長期融資。我們決定使用它來避免直接折扣，它仍然是管理短期營運資金的好工具，但數量較少，對嗎？正是如此。

Thank you, Gabriel. I would like to emphasize something that Linden pointed out. The solidarity of resellers in paying taxes in Sao Paulo. It's really a landmark the industry in Brazil. It hasn't gained as much attention as it deserves. But it's a transforming factor.

謝謝你，加布里埃爾。我想強調林登指出的一點。聖保羅經銷商團結一致納稅。這確實是巴西該產業的一個里程碑。它並沒有得到應有的關注。但這是一個轉變因素。

It should serve as a role model to other states because it increases a tax collection and it favors taxpayers, such as us, right? I would like to emphasize this point because this is really a turning point in the regulation and inspection in Brazil.

它應該成為其他州的榜樣，因為它增加了稅收，並且有利於我們這樣的納稅人，對嗎？我想強調這一點，因為這確實是巴西監管和檢查的轉折點。

Great. Thank you very much.

偉大的。非常感謝。

Vicente Falanga, Bradesco BBI.

文森法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

Good morning, Pizzinatto, Palhares, Linden, the team. I'd like to go back to IR of LPG. Tell us about the exchange of information you have had with the ANP. We've read the document. We don't think it's very clarifying or quantitative.

早安，Pizzinatto、Palhares、Linden，團隊。我想回到 LPG 的 IR。請告訴我們您與 ANP 進行的資訊交流情況。我們已經閱讀了該文件。我們認為它並不是非常清晰或量化。

In your presentation in two of the charts, you showed that may be things would not make that much sense. So what kind of exchange of information have you had?

您在兩張圖表中的演示表明，事情可能並沒有那麼合理。那麼你們進行了什麼樣的資訊交流呢？

And when will you have opportunity to learn more maybe when there is an initial draft. What can we expect in terms of upcoming steps. And a follow-up on Linden's comment, it seems there is a legal effort to put an end to all the injunctions of the credits, the bio credits. Do you have any visibility, any anticipation of that?

什麼時候您才有機會了解更多信息，也許是在有初稿的時候。對於接下來的步驟，我們可以期待什麼？關於林登的評論的後續內容，似乎正在透過法律手段來終止所有關於作品版權和生物版權的禁令。您對此有什麼預見或預期嗎？

Good morning, Vicente. Concerning the regulations in LPG, I'm going to bring a point to the discussion, and then Tabajara can build up on it. In the prehearing level because there is also going to be a public hearing. But in the prehearing stage, 247 inputs were made out of which 244 were against the proposal of changes of fractioning and end of the branded product.

早安，維森特。關於液化石油氣的規定，我將在討論中提出一個觀點，然後 Tabajara 可以在此基礎上進行闡述。在預審階段，因為還將舉行公開聽證會。但在預審階段，共收到247條意見，其中244條反對改變分餾和終止品牌產品的提案。

And there's opposite position came from the national Commander of the firefighters the International Federation of workers in transportation and other organizations, all of them against fractioning and or the end of the branded bottles.

而來自全國消防隊員指揮官、國際運輸工人聯合會和其他組織的立場則截然相反，他們都反對分餾或終止品牌瓶。

Only 3 out of the 447, only three were in favor of that change, but by other organizations, which are not so representative.

447 人中只有 3 人贊成這項改變，但其他組織則不那麼具代表性。

Tabajara speaking. Rodrigo has given us an overview of what has happened. There has been a preconsultation a prehearing stage. We were very deep into our contribution and inputs, providing arguments, of course, we have just presented a summary to you today. There is a regulatory agenda in place and some of the points, which may be even positive such as release of use rather than restricted use.

我是塔巴哈拉人。羅德里戈向我們概述了所發生的事情。目前已進行了預先諮詢和預先聽證階段。我們非常深入地闡述了我們的貢獻和意見，提供了論點，當然，我們今天只是向大家做了一個總結。目前已製定監管議程，其中的一些要點甚至可能是積極的，例如允許使用而不是限制使用。

I mean, there are some positive things should it become into effect. But this is a discussion that is going to be on and on with further participation. And this is why we wanted to share that with you. If you want to get involved -- this is the time to do it. We are concerned. Of course, we want the regulation to move ahead, not to take back steps. And there are many steps still on schedule, and we are going to be part of this discussion.

我的意思是，如果它生效的話，會帶來一些正面的影響。但隨著參與度的提高，這項討論將會持續進行。這就是我們想與您分享這一點的原因。如果您想參與—現在就是時候了。我們很擔心。當然，我們希望監管能夠向前推進，而不是倒退。目前還有很多步驟仍在按計劃進行，我們將參與這項討論。

Vicente, concerning the legal effort, yes, there are a number of initiatives providing support and clarification. One of them is a request of the General Attorney's office of the government but still waiting for the analysis of the Supreme Court analysis. But we are here to support the process and to correct distortion as quickly as possible. We do whatever it takes.

維森特，關於法律努力，是的，有許多舉措提供支持和澄清。其中一項是政府總檢察長辦公室提出的請求，但仍在等待最高法院的分析。但我們在這裡是為了支持這一進程並儘快糾正扭曲。我們會盡一切努力。

Great. Thank you all very much for the answers.

偉大的。非常感謝大家的回答。

Matheus Enfeldt, UBS.

瑞銀集團 Matheus Enfeldt。

Good morning. Thank you for taking my question and robust results once again at Ultragaz. Capital allocation. One is your leverage target that would allow Ultra to start considering opportunities of investments at the holding level. The message is clear. Investments are being made at the level of subsidiaries.

早安.感謝 Ultragaz 回答我的問題並再次提供可靠的結果。資本配置。一是您的槓桿目標，這將允許 Ultra 開始考慮持有水準的投資機會。訊息很明確。投資是在子公司層級進行的。

You've made some very good acquisitions in previous quarters. But thinking about something bigger, maybe as big as Hidrovias, maybe next year where your leverage would go back probably to 1.5. How are you anticipating that. When do you intend to revisit intensively these kind of investments.

你們在前幾個季度進行了一些非常好的收購。但想想更大的事情，像是像Hidrovias那麼大，也許明年你的槓桿率可能會回到1.5。你對此有何預期？您打算何時重新深入審視此類投資。

In terms of LPG margins, we've talked a lot about the continuity and robust results. But I would like to understand a -- to what extent can you think about other energies within that area or the levels that we've been talking about 3% to 5% of share of EBITDA from new energies. Should we still remain and work with this level? Or can we expect anything else? Thank you.

就液化石油氣利潤率而言，我們已經討論了很多關於連續性和穩健結果的問題。但我想了解一下——您在多大程度上可以考慮該領域內的其他能源，或者我們一直在談論的新能源佔 EBITDA 份額的 3% 至 5% 的水平。我們還應該保持這個水平並繼續努力嗎？或者我們還能期待什麼其他事情嗎？謝謝。

Good morning, Matheus. Concerning leverage and considering the higher interest rates, we see leverage at a comfortable level between 1.5 times and 2 times over EBITDA. In the second half of the year, will be very positive in terms of cash flow. Probably by the end of the year, you're going to get to the level of leverage that we had in the end of 2024. Even with the investments made to complete our controlling position at Hidrovias, the buyback program and the consolidation of Hidrovias debt of BRL3.1 billion in the quarter.

早上好，馬修斯。關於槓桿率，考慮到較高的利率，我們認為槓桿率處於舒適的水平，即 EBITDA 的 1.5 倍至 2 倍之間。下半年，現金流方面會非常正面。可能到今年年底，槓桿率就會達到 2024 年底的水準。即使我們進行了投資以完成對 Hidrovias 的控制權，回購計劃和本季 Hidrovias 債務合併仍達 31 億巴西雷亞爾。

Tabajara speaking. In terms of share from new energies, we are very much aligned with our plan. Everything that we've been referring to in previous quarters. We are still obtaining a lot in combining businesses of our clients, with biomethane, distributed generation, sales, a lot of things going on and very much aligned with the plan that we have developed.

我是塔巴哈拉人。就新能源份額而言，我們與我們的計劃非常一致。我們在前幾個季度中提到的所有內容。我們在將客戶的業務與生物甲烷、分散式發電、銷售相結合方面仍取得很大進展，很多事情正在進行中，並且與我們制定的計劃非常一致。

In this quarter, we captured efficiency and excellence in our operations of all the strategic initiatives that we have in the long term many of which combined and bringing results that helped us deliver the results for this quarter. Part of our integration of the consortium was important, impacted our results. This is a continuous process. There has been no discontinuity in the short term projected, and we expect to see that evolution throughout time.

本季度，我們長期實施的所有策略舉措在營運中都體現了效率和卓越，其中許多舉措結合起來並帶來了成果，幫助我們實現了本季度的業績。我們對聯盟的整合部分非常重要，影響了我們的業績。這是一個持續的過程。短期內沒有出現不連續的情況，我們預計會隨著時間的推移看到這種演變。

Thank you.

謝謝。

Eduardo Muniz, Santander.

愛德華多·穆尼斯，桑坦德。

Good morning. Great results. Thank you for taking my question. The first question is a follow-up on what we've heard. The strategy of reducing the direct discount exposure. Does it involve the gross profit of the company, especially Ipiranga? And what was the share for EBITDA margin by cubic meter in the second quarter?

早安.效果非常好。感謝您回答我的問題。第一個問題是對我們所聽到內容的後續詢問。減少直接折扣風險的策略。這是否涉及公司，特別是伊皮蘭加的毛利？第二季以立方公尺計算的 EBITDA 利潤率佔比是多少？

Second question concerns consolidation of Hidrovias. From now on, what can we expect in terms of initiative in terms of cost reduction, G&A and how that can impact the EBITDA of Ultrapar. These are my questions.

第二個問題涉及 Hidrovias 的合併。從現在開始，我們可以期待在成本削減、一般及行政費用方面的舉措以及這些舉措將如何影響 Ultrapar 的 EBITDA。這些都是我的問題。

Thank, Eduardo, for the question, Palhares speaking. The fact is not relevant. And we use it one-off throughout the quarter, nothing that would really change our perception. What was the second question again? Consolidation of Hidrovias.

謝謝愛德華多提出的問題，我是帕爾哈雷斯。事實並不相關。我們在整個季度中都一次使用它，沒有什麼能真正改變我們的看法。第二個問題又是什麼？Hidrovias 合併。

Should we expect cost reduction, G&A reduction and how that can impact Ultrapar's EBITDA.

我們是否應該預期成本降低、G&A 減少以及這將如何影響 Ultrapar 的 EBITDA。

Good morning. Rodrigo speaking. Concerning consolidation of Hidrovias, we've been doing that to allow a better correlation with the market and really focused on our ongoing plan and results of Hidrovias. And that's going to be addressed by the Hidrovias call.

早安.我是羅德里戈。關於 Hidrovias 的整合，我們一直這樣做是為了更好地與市場關聯，並真正專注於我們正在進行的 Hidrovias 計劃和結果。Hidrovias 呼籲將解決這個問題。

In terms of our controlling holder, Hidrovias has come from a process with better navigability and thanks to all the improvements in management, operations, cost reduction, and improvement of indebtedness level. So we expect the second half of the year, which is going to be much better than last year's. In further details, I would like to ask you to approach our Investor Relations team of Hidrovias.

就我們的控股股東而言，Hidrovias 已經走過了一條更順暢的歷程，這要歸功於管理、營運、成本削減和負債水準改善等方面的改進。因此，我們預計今年下半年的情況將比去年好得多。如需了解更多詳情，請聯絡我們的 Hidrovias 投資者關係團隊。

Thank you.

謝謝。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

Good morning. Thank you for taking my question. I have a strategic question concerning Ipiranga and that agenda against informal practice is moving ahead. You always show us clearly the movement. And as the agenda moves ahead, the company's priority, what will it be? Increased return on investments, ROIC in more market share? What is the current ROIC of Ipiranga in your accounts. Do you think that you are at the right level or not?

早安.感謝您回答我的問題。我有一個關於伊皮蘭加的戰略問題，反對非正式實踐的議程正在推進。您總是向我們清晰地展示動作。隨著議程的推進，公司的首要任務是什麼？投資報酬率增加，ROIC 獲得更多市佔率？您的帳戶中 Ipiranga 的目前 ROIC 是多少。您認為自己的水平是否正確？

And I'm asking at the level because a major player has just said that it has been expecting margins at the current level. Just to understand, if you have the same perception right margin, great returns on investment, so competitive gains would be increased volumes from now on.

我之所以問這個水平，是因為一個主要參與者剛剛表示，它一直期望當前的利潤率。只是要明白，如果你有同樣的看法，正確的利潤率，巨大的投資回報，那麼從現在開始競爭收益就會增加。

Hi, Bruno. Yes, we expect better market because of improvement in the regulations. It doesn't change how we consider investments. Investments have to be selective, no matter what. As I've mentioned before, we always focus on investments that have a return of about 20%. It's not at this level yet.

你好，布魯諾。是的，我們預計由於法規的改善，市場將會更好。它不會改變我們對投資的看法。無論如何，投資都必須有選擇性。正如我之前提到的，我們始終關注回報率約為 20% 的投資。還沒達到這個水準。

So we are not at the level we would like to be, of course, but our plans is, yes. If there is room to have a disciplined investment practice, we are going to look for opportunities as the market improves. And margins are part of that as well if the whole situation improves, margins and volumes equally improve. But we have to be absolutely sure that the regulatory issues are really progressing.

因此，我們當然還沒有達到我們想要的水平，但是我們的計劃是的。如果有空間進行嚴謹的投資實踐，我們將在市場好轉時尋找機會。如果整體情況改善，利潤率也是其中的一部分，利潤率和銷售也會同樣提高。但我們必須絕對確保監管問題確實正在取得進展。

Great. Thank you.

偉大的。謝謝。

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾蒙塔納裡。

Hello. Thank you for taking my questions. I have two. First, about Ultracargo, could you please tell us more about mid- and long-term perspective concerning the increase of sold cubic meters and some update on your expansion projects.

你好。感謝您回答我的問題。我有兩個。首先，關於 Ultracargo，您能否向我們詳細介紹一下有關銷售立方米增加的中長期前景以及擴建項目的一些最新進展？

And secondly, capital allocation. Once you reach your target leverage, how would you consider getting into a new business or increasing the distribution of dividends? And what would be the minimum return rate that you would consider to go into a new business line. Well, maybe expand some of our business in some of your business in a more robust fashion.

其次，資本配置。一旦達到目標槓桿率，您會如何考慮開展新業務或增加股利分配？在進入新業務領域時，您會考慮最低報酬率是多少？好吧，也許可以以更強勁的方式將我們的一些業務擴展到你們的一些業務。

Thank you, Bruno. This is Fulvius speaking. Brazil is an important country. So we have continuous demand we justify our constant investments. In this year, we started the operations in Palmeirante, and we have in our pipeline, the expansion of Santos and Rondonopolis both of them come into their conclusion.

謝謝你，布魯諾。我是富爾維烏斯。巴西是一個重要國家。因此，我們有持續的需求，證明我們持續的投資是合理的。今年，我們開始在帕爾梅蘭特開展業務，並且我們正在規劃桑托斯和龍多諾波利斯的擴建計劃，這兩個項目的擴建都已完成。

The expansions are going through a maturation process with expectations of reaching EBITDA per cubic meter similar to other terminals as of 2026. We just need some maturation for the expansions of Ultracargo.

擴建工程正在經歷一個成熟的過程，預計到 2026 年每立方公尺的 EBITDA 將達到與其他終端相似的水平。我們只是需要一些成熟的方法來擴展 Ultracargo。

Good morning, Bruno, Rodrigo, speaking. Concerning target leverage once we get close to our expected level we are going to consider both options, whether it's worth investing again to expand existing business or to go into a new business and the return rate will be adjusted by risk.

早安，布魯諾，我是羅德里哥。關於目標槓桿，一旦我們接近預期水平，我們就會考慮兩個選擇，是否值得再次投資以擴大現有業務或進入新業務，並且回報率將根據風險進行調整。

Also what we do sometimes we have a return rate which is lower, and that's what we want to work with. If there are no projects then we increased the dividend payout. There is no previous decision already made. Things are decided as the reality changes.

此外，我們有時會得到較低的回報率，這就是我們想要實現的。如果沒有項目，我們就增加股利。目前尚未做出任何決定。事情隨著現實的變化而決定。

Great. Thank you.

偉大的。謝謝。

Our question-and-answer session is concluded. Now I would like to hand it over to Alexandre Palhares for his closing remarks.

我們的問答環節結束了。現在我想把時間交給亞歷山大·帕爾哈雷斯作結束語。

Well, let me thank you very much for your time and your participation. Let me remind you that on September 19, we are going to have the Ultra Day. We are highly excited to welcome you all there. We're going to talk about our strategy and give you more details about our businesses. We are here at your availability. Our Investor Relations team is here to support you. Thank you all very much for your participation.

好吧，非常感謝您抽出時間和參與。讓我提醒你，9 月 19 日，我們將舉辦超級日。我們非常高興地歡迎你們所有人。我們將討論我們的策略並向您提供有關我們業務的更多詳細資訊。我們隨時為您服務。我們的投資者關係團隊隨時為您提供支援。非常感謝大家的參與。

Thank you for your time and interest. Let me remind you that the next meeting will be on September 19 at Ultra Day. During the event, we are going to share our strategic view and more details about our businesses. We count on your participation. The Investor Relations team is at your disposal for any follow-up and for questions which may come up. Thank you all very much.

感謝您的時間和關注。讓我提醒您，下次會議將於 9 月 19 日在 Ultra Day 舉行。在活動期間，我們將分享我們的策略觀點和有關我們業務的更多細節。我們期待您的參與。投資者關係團隊將隨時為您解答任何後續問題和疑問。非常感謝大家。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。