Ultrapar Participacoes SA (UGP) 2026 Q1 法說會逐字稿

Good morning. Thank you for waiting. Welcome to the earnings release call of Ultrapar to discuss the results of the first quarter 2026. The presentation will be delivered by Mr. Rodrigo Pizzinatto, CEO of Ultrapar; and by Alexandre Palhares, CFO of Ultrapar.

早安。感謝您的等候。歡迎參加 Ultrapar 2026 年第一季財報發布電話會議，以討論本季業績。本次簡報將由 Ultrapar 執行長 Rodrigo Pizzinatto 先生，以及 Ultrapar 財務長 Alexandre Palhares 先生進行。

Our question-and-answer session will also have with us, Leonardo Linden; CEO of Vipiranga, Tabajara Bertelli, CEO of Ultragaz; and Fulvius Tomelin, CEO of Ultracargo. This call is being recorded and will be accessed by the website ri.ultra.com.br.

在問答環節中，我們也將邀請 Leonardo Linden（Vipiranga 執行長）、Tabajara Bertelli（Ultragaz 執行長）以及 Fulvius Tomelin（Ultracargo 執行長）與會。本次電話會議將被錄音，並可透過網站 ri.ultra.com.br 存取。

After the presentation, we are going to start the question-and-answer session when further instructions will be provided. We'd like to let you know that this call is being conducted in Portuguese, and there is an option of simultaneous translation available by clicking on interpretation. For those listening to it in English, there is the option of to mute the original audio.

簡報結束後，我們將開始問答環節，屆時會提供進一步指示。提醒各位，本次電話會議以葡萄牙語進行，並可點選「口譯」使用同步翻譯。對於以英語收聽者，可選擇將原始音訊靜音。

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

簡報將以葡萄牙語呈現，英文版本可透過公司網站或聊天室下載。在開始之前，我們想澄清：本次電話會議中可能提及的前瞻性陳述（與業務前景、預測、Ultrapar 的營運與財務目標相關）均基於管理層的信念與假設，以及目前可得資訊。

Forward-looking statements have no guarantee of performance. They involve risks and uncertainties as they relate to future events and depend on circumstances which may or may not occur. Investors should understand that general economic conditions and other operating factors, as well as interest factors, may affect the future performance of Ultrapar and lead to results which may differ materially from those expressed in these forward-looking statements.

前瞻性陳述不保證其表現，且涉及風險與不確定性，因其與未來事件相關並取決於可能發生或不發生的情況。投資人應理解，一般經濟狀況與其他營運因素，以及利率因素，可能影響 Ultrapar 未來表現，並導致實際結果與這些前瞻性陳述所表達者存在重大差異。

I would like now to hand it over to Mr. Rodrigo Pizzinatto, who will start the presentation. Please, Mr.Pizzinatto, move on.

現在我想把時間交給 Rodrigo Pizzinatto 先生，由他開始簡報。Pizzinatto 先生，請開始。

Good morning, everyone. It is great to be here with you for another Ultrapar Earnings Conference Call. I would like to draw your attention to some highlights from the first quarter of this year. We remained on Ultrapar's path of solid operating results, driven by Ipiranga and the consolidation of Hidrovias, even in an environment of high volatility and challenges across the different sectors in which we operate.

各位早安。很高興再次與各位一同參加 Ultrapar 財報電話會議。我想請各位注意今年第一季的一些重點。在我們所處各個產業皆面臨高度波動與挑戰的環境下，我們仍維持 Ultrapar 穩健的營運成果軌道，主要由 Ipiranga 的表現以及 Hidrovias 的併表所帶動。

Palhares will shortly provide further details on the composition of our results. We generated BRL1 billion and BRL103 million in operating cash flow, supported by solid performance of the businesses and a higher balance of draft discount for suppliers, despite the significant working capital investment we made at Ipiranga, mainly driven by the sharp increase in fuel prices.

Palhares 稍後將進一步說明我們業績的組成。我們創造了 11.03 億巴西雷亞爾的營運現金流，受惠於各業務的穩健表現，以及供應商票據貼現（draft discount）餘額提高；儘管我們在 Ipiranga 進行了顯著的營運資金投入，主要由燃料價格大幅上漲所驅動。

This powerful cash generation scenario allowed for a reduction in leverage, which decreased from 1.7 times to 1.5 times. If we include the balance of draft discount for suppliers, leverage would remain at 1.7 times, at the same level as at the end of 2025. Amid the conflict in Iran and the significant volatility and sharp increase in fuel prices, I would also like to highlight Ipiranga's investment of more than BRL2 billion in working capital to ensure supply to its service station network and consumers.

強勁的現金創造使槓桿下降，從 1.7 倍降至 1.5 倍。若將供應商票據貼現餘額納入計算，槓桿將維持在 1.7 倍，與 2025 年底相同。在伊朗衝突及燃料價格顯著波動並大幅上漲之際，我也想強調 Ipiranga 投入超過 20 億巴西雷亞爾的營運資金，以確保其加油站網路與消費者的供應。

We continue to advance in our growth, productivity and value creation agenda. During the quarter, we completed the expansions of the Rondonopolis, and OPLA bases at Ultracargo, which combined added 25,000 cubic meters of capacity.

我們持續推進成長、生產力與價值創造的議程。本季我們完成了 Ultracargo 的 Rondonopolis 與 OPLA 基地擴建，合計新增 25,000 立方公尺的容量。

On the institutional agenda, we continue to make progress in strengthening the regulatory framework and promoting fairer competition in the country. I would like to highlight the publication by the federal revenue of the regulation addressing persistent debtors, as well as the conversion of the [gas do povo] into law, important advances for legal and regulatory certainty.

在制度面議程上，我們持續推動強化監管框架並促進國內更公平的競爭。我想特別指出：聯邦稅務機關發布了針對「持續性欠稅者」的規範，以及將 [gas do povo] 轉化為法律，這些都是提升法律與監管確定性的重要進展。

Finally, I would like to remind you that we published the 2025 Sustainability Report, including the new 2030 Sustainability Plan, already available on our Investor Relations website. This material reflects the evolution of our corporate sustainability agenda, increasingly aligned with Ultrapar's long-term value creation strategy.

最後提醒各位，我們已發布 2025 年永續報告，其中包含新的 2030 永續計畫，現已在我們的投資人關係網站上提供。該資料反映了我們企業永續議程的演進，並日益與 Ultrapar 的長期價值創造策略一致。

Thank you for your attention, and I will now hand over to our CFO, who will detail the results for the quarter.

感謝各位的關注。接下來我將把時間交給我們的財務長，由他詳細說明本季業績。

Thank you. Good morning, everyone. Well, before we start, I would like to remind you of the criteria and standards used in the analysis in this presentation, which can be seen on slide 3. Moving on to Ultrapar's consolidated results on slide 4, recurring adjusted EBITDA totaled BRL2,300 million, reflecting mainly the higher operating results at Ipiranga and the consolidation of Hidrovias's results, which until May 2025 were accounted for in share of profit, loss of subsidiaries, joint ventures, and associates.

謝謝。各位早安。在開始之前，我想提醒各位，本次簡報分析所採用的準則與標準可見於第 3 頁投影片。接著看第 4 頁 Ultrapar 合併業績，經常性調整後 EBITDA 為 23.00 億巴西雷亞爾，主要反映 Ipiranga 較高的營運成果，以及 Hidrovias 業績的併表；在 2025 年 5 月之前，Hidrovias 的業績係以子公司、合資企業與聯營公司損益份額入帳。

Net income for the quarter was BRL914 million, representing an increase of BRL551 million, compared to the first quarter of last year. This result reflects the improved operational performance of our businesses, partially offset by higher depreciation, amortization, and financial expenses.

本季淨利為 9.14 億巴西雷亞爾，較去年第一季增加 5.51 億巴西雷亞爾。此結果反映我們各業務營運表現改善，但部分被較高的折舊、攤銷及財務費用所抵銷。

CapEx for the quarter totaled BRL558 million, higher than in the same period of last year, reflecting the consolidation of Hidrovias, and higher investments in Ultragaz and Ipiranga, partially offset by lower investments in Ultracargo as we advance in completing capacity expansions. Operating cash generation reached BRL1,103 million in the quarter, compared to BRL3 million in the first quarter of 2025.

本季資本支出（CapEx）合計 5.58 億巴西雷亞爾，高於去年同期，反映 Hidrovias 的併表，以及 Ultragaz 與 Ipiranga 投資增加；部分被 Ultracargo 投資下降所抵銷，因我們正推進完成產能擴建。營運現金創造於本季達 11.03 億巴西雷亞爾，而 2025 年第一季為 300 萬巴西雷亞爾。

This result reflects the higher operating performance combined with higher working capital investment, which were partially offset by the contracting of approximately BRL1,150 million in draft discount. Excluding the effects of draft discount in the two comparable periods, the cash flow from operating activities showed a consumption of BRL43 million, reflecting the company's financial effort to keep the fuel market supplied in a scenario of high volatility, high international prices and market uncertainties.

此結果反映較高的營運表現與較高的營運資金投入，並部分被約 11.50 億巴西雷亞爾的票據貼現（draft discount）所抵銷。若排除兩個可比期間票據貼現的影響，營運活動現金流呈現淨流出 4,300 萬巴西雷亞爾，反映公司在高度波動、國際價格高企及市場不確定性情境下，為維持燃料市場供應所付出的財務努力。

Moving to Slide 5, we can see that we ended the quarter with net debt of BRL12 billion, BRL275 million and leverage of 1.5 times. Also, considering the effects of draft discount on a vendor, adjusted net debt totaled BRL13,479 million, with stable leverage at 1.7 times, in line with the level observers at the end of last year.

來到第 5 頁，我們可看到本季末淨負債為 120.00 億巴西雷亞爾（12,275 百萬巴西雷亞爾），槓桿為 1.5 倍。此外，若考量供應商票據貼現對應的影響，調整後淨負債合計 13,479 百萬巴西雷亞爾，槓桿穩定在 1.7 倍，與去年底觀察到的水準一致。

Before discussing Ipiranga's results, I would like to provide some context on the atypical environment we faced in the first quarter, driven by the escalation of the conflicts in Iran on slide 6. Inventory gains and losses are an intrinsic part of the business. As we can see in the charts, fluctuations in Brent's crude oil prices have a direct impact on the fuel prices and, consequently, on Ipiranga's results.

在討論 Ipiranga 的業績之前，我想先就第 6 頁說明第一季我們所面臨的非典型環境背景，主要由伊朗衝突升級所驅動。存貨評價收益與損失是此業務的內在組成。如圖表所示，布蘭特原油價格的波動會直接影響燃料價格，進而影響 Ipiranga 的業績。

During periods of sharp oil price declines, such as at the onset of the pandemic, lower prices combined with reduced volumes significantly pressured profit margins and EBITDA. In that scenario, Ipiranga reported adjusted EBITDA of BRL167 million, close to zero, with margins of BRL36 per cubic meter, or BRL3.06 for each liter sold, mainly driven by significant inventory losses.

在油價大幅下跌期間（例如疫情爆發初期），較低的價格加上銷量下滑，對利潤率與 EBITDA 造成顯著壓力。在該情境下，Ipiranga 的經調整 EBITDA 為 1.67 億雷亞爾，幾乎接近於零，利潤率為每立方公尺 36 雷亞爾，或每售出 1 公升 3.06 雷亞爾，主要由於重大的存貨損失所致。

In the first quarter of 2026, we experienced the opposite dynamic, with a sharp increase in international oil prices. This significant price increase generates relevant inventory gains. This effect was further amplified by higher inventory levels as we maintained increased inventory levels, supported by a substantial increase in fuel imports to meet higher volumes across our service station network and consumers' demand following the exit of opportunistic importers from the market.

在 2026 年第一季，我們經歷了相反的動態，國際油價大幅上升。這一顯著的價格上漲帶來可觀的存貨收益。由於我們維持較高的庫存水位，此效應進一步被放大；同時，為了因應加油站網路與消費者在機會型進口商退出市場後所帶來的更高需求量，我們大幅增加燃料進口以滿足更高的銷量。

Inventory gains and higher volumes contributed significantly to the results presented in the quarter, with margins of 275 EAs per cubic meter, or BRL0.27 per liter sold, which represents an increase of just BRL0.09 per liter. Moving to slide 7, we can see how this environment led to a significant working capital investment at Ipiranga to ensure supply to our customers.

存貨收益與更高的銷量對本季呈現的業績貢獻顯著，利潤率為每立方公尺 275 EAs，或每售出 1 公升 0.27 雷亞爾，這僅相當於每公升增加 0.09 雷亞爾。接著看第 7 頁，我們可以看到此環境如何導致 Ipiranga 為確保對客戶供應而進行了顯著的營運資金投入。

As conflicts escalated, we observed a sharp increase in international fuel prices. Along with a relevant change in supply dynamics, international producers and trading companies began requiring more restrictive payment terms, often cash in advance in order to supply products. In addition, the increase in fuel prices in Brazil was significantly lower than the increase in international prices, as you can see in the chart in the middle, reflecting Petrobras's pricing policy.

隨著衝突升級，我們觀察到國際燃料價格大幅上漲。伴隨供應動態的重大變化，國際生產商與貿易公司開始要求更嚴格的付款條件，往往需要預付現金才能供貨。此外，如中間圖表所示，巴西燃料價格的上漲幅度明顯低於國際價格的上漲幅度，反映了 Petrobras 的定價政策。

In this context, opportunistic importers refrained from nationalizing cargoes, which required a prompt response from distributors with greater logistical, financial and operational capacity. Ipiranga, as one of the main structural suppliers in the Brazilian market, nearly tripled its imports in April to ensure supply to its service station network and consumers.

在此背景下，機會型進口商避免將貨物完成報關入境（nationalizing cargoes），這要求具備更強物流、財務與營運能力的經銷商迅速回應。Ipiranga 作為巴西市場主要的結構性供應商之一，於 4 月幾乎將進口量提高至原來的三倍，以確保對其加油站網路與消費者的供應。

As you can see in the upper left chart, our imported diesel volumes previously represented between 6% and 7% of total diesel imports in Brazil before the conflict, and reached 12% in the first quarter of 2026. This movement was essential to ensure market supply but naturally had relevant financial impacts.

如左上圖所示，在衝突發生前，我們進口的柴油量占巴西柴油總進口量約 6% 至 7%，並在 2026 年第一季提升至 12%。此舉對確保市場供應至關重要，但自然也帶來顯著的財務影響。

The significant increase in international prices and the higher imported volumes combined with higher inventory levels and shorter payment terms for imported fuels resulted in a very substantial working capital requirement, exceeding BRL2 billion in the quarter. Taken together, these effects led to a BRL0.09 increase in EBITDA margin in the first quarter compared to last quarter of 2025.

國際價格的大幅上升與更高的進口量，再加上更高的庫存水位以及進口燃料更短的付款期限，使得本季營運資金需求非常可觀，超過 20 億雷亞爾。綜合而言，這些因素使 2026 年第一季的 EBITDA 利潤率較 2025 年第四季提高 0.09 雷亞爾。

As a result of this context, slide 8 shows Ipiranga's results for the quarter. The total volume sold in the quarter was 6,021,000 cubic meters, an 8% increase compared to the first quarter of 2025, with an increase of 9% in diesel and 7% in the auto cycle. This performance reflects the gradual recovery of the market with a lower level of irregularities in the sector, in addition to the effects of the atypical market dynamics related to the international conflicts I mentioned earlier.

在此背景下，第 8 頁展示了 Ipiranga 本季的業績。本季總銷售量為 6,021,000 立方公尺，較 2025 年第一季增加 8%，其中柴油增加 9%，汽油/乙醇車用週期（auto cycle）增加 7%。此表現反映市場在產業違規情況降低下逐步復甦，並且也受到我先前提及之國際衝突所引發的非典型市場動態影響。

We ended the quarter with a network of 5,826 service stations, 21 more than in December 2025, resulting from 48 stations opened, and 27 closed in the period. Ipiranga's recurring EBITDA was BRL1,665 million in the quarter, with margin of BRL276 per cubic meters. We continue to see the impacts of the conflict in Iran, which bring volatility and challenges to the sector.

本季末我們的加油站網路達 5,826 站，較 2025 年 12 月增加 21 站，期間新開 48 站、關閉 27 站。Ipiranga 本季經常性 EBITDA 為 16.65 億雷亞爾，利潤率為每立方公尺 276 雷亞爾。我們仍持續看到伊朗衝突帶來的影響，為產業帶來波動與挑戰。

At the same time, we continue to observe a gradual recovery of the market, supported by initiatives to combat irregularities. In this context, assuming this environment is maintained, we expect results to remain at levels similar to those observed recently. Moving now to slide 9, with Ultragaz's results. The volume of LPG sold in the quarter remained practically stable compared to the first quarter of 2025, with a 1% increase in the bottled segment and a 2% decrease in the bulk segment, mainly due to lower demand in the industrial segment.

同時，我們也持續觀察到市場在打擊違規的措施支持下逐步復甦。在此背景下，若此環境得以維持，我們預期業績將維持在近期觀察到的相近水準。接著看第 9 頁，為 Ultragaz 的業績。本季 LPG 銷量與 2025 年第一季相比幾乎持平：瓶裝（bottled）業務增加 1%，散裝（bulk）業務下降 2%，主要由於工業客戶需求較弱。

Ultragaz's EBITDA totaled BRL385 million in the quarter, a 2% decrease compared to the same period last year, reflecting higher LPG costs and the reduction of BRL14 million in other operating results due to the reversal of the earn-out related to the acquisition of Stella, which had been recorded in the first quarter of 2025.

Ultragaz 本季 EBITDA 合計為 3.85 億雷亞爾，較去年同期下降 2%，反映 LPG 成本上升，以及其他營運結果減少 1,400 萬雷亞爾，原因是沖回（reversal）與收購 Stella 相關的或有對價（earn-out）；該項目曾於 2025 年第一季入帳。

In this quarter, we will intensify our efforts to recover market share. Even so, we expect results to be better than those reported in the same period last year. Now, let's move to the results of Ultracargo on Slide 10. The average installed capacity reached 1,152,000 cubic meters, an 8% increase compared to the same period of the previous year, reflecting the capacity additions in Santos, Londonopolis, Opla and Palmerente.

本季我們將加大力道以收復市占率。即便如此，我們預期業績將優於去年同期。現在，讓我們看第 10 頁的 Ultracargo 業績。平均已裝置產能達 1,152,000 立方公尺，較去年同期增加 8%，反映 Santos、Londonopolis、Opla 與 Palmerente 的產能擴增。

The cubic meters sold increased by 11% in the annual comparison, reflecting gradual recovery in demand for fuel storage related to imports, especially in Santos, in addition to the ramp-up process of the new installed capacity. Net revenue totaled BRL 276 million, a 2% year-over-year increase reflecting higher CUBIC meter volumes, partially offset by a less favorable sales mix with a higher share of lower average priced terminals, albeit with higher throughput.

以立方公尺計的銷售量在年度比較下增加 11%，反映與進口相關的燃料儲存需求逐步復甦，尤其是在 Santos，並且也反映新增裝置產能的爬坡（ramp-up）過程。淨營收合計為 2.76 億雷亞爾，年增 2%，主要因立方公尺量增加，但部分被較不利的銷售組合所抵銷——低平均單價的碼頭占比提高，儘管其吞吐量較高。

The adjusted EBITDA was BRL165 million, remaining broadly stable compared to the first quarter of 2025, reflecting higher volumes handled with which partially offset the costs associated with expansion still in the ramp-up phase. The current context of the conflict in Iran brings an additional challenges to port terminals, reflecting volatility in the pace of imports.

經調整 EBITDA 為 1.65 億雷亞爾，與 2025 年第一季相比大致持平，反映處理量增加，部分抵銷仍處於擴建爬坡階段所帶來的成本。伊朗衝突的當前情勢也為港口碼頭帶來額外挑戰，反映進口節奏的波動。

Even so, we expect results in line with those observed in the first quarter of 2026. Finally, moving to Hidrovia's results on slide 11. Total volumes handled decreased by 23% compared to the same period in 2025, reflecting one-off challenges in the northern corridor, and the sale of the coastal navigation operation in November 2025.

即便如此，我們預期業績將與 2026 年第一季所觀察到的水準一致。最後，讓我們看第 11 頁的 Hidrovia 業績。處理總量較 2025 年同期下降 23%，反映北部走廊的一次性挑戰，以及我們於 2025 年 11 月出售沿海航運業務。

Considering continuing operations only, the reduction was 6%. Recurring adjusted EBITDA totaled BRL182 million, 29% below when compared to the first quarter of 2025. This performance mainly reflects operational challenges in the north corridor, less favorable navigability conditions in the south, with a higher number of voyages carried out and consequently higher costs, as well as the sale of the coastal navigation business, partially offset by lower expenses.

若僅考量持續經營業務，降幅為 6%。經常性經調整 EBITDA 合計為 1.82 億雷亞爾，較 2025 年第一季下降 29%。此表現主要反映北部走廊的營運挑戰、南部較不利的通航條件（navigability），導致航次增加、成本隨之提高，以及沿海航運業務出售的影響；部分則由費用下降所抵銷。

Considering continuing operations only, recurring adjusted EBITDA was 23% below when compared to the same period last year. We have observed improvements in cargo reception in the northern corridor, although still subject to restrictions. In the southern corridor, operating conditions remain similar to those of the previous quarter. In this context, we expect results to be in line with those reported last year.

若僅考量持續經營業務，經常性經調整 EBITDA 較去年同期下降 23%。我們已觀察到北部走廊的貨物接收有所改善，但仍受限制。在南部走廊，營運條件仍與上一季相近。在此背景下，我們預期業績將與去年所報告的水準一致。

To conclude, I would like to thank you all for your participation. We remain available, together with our Investor Relations team, to continue the conversations and clarify any questions you may have. Let's now move on to the Q&A session.

最後，我想感謝各位的參與。我們將與投資人關係團隊一同保持聯繫，持續交流並釐清您可能有的任何問題。現在讓我們進入問答環節。

(Operator Instructions) First question is by Monique Greco, Banco Itau BBA. You can unmute your mic. Hello, good morning. Thank you for the opportunity to ask questions. Great results, kudos to you. I have two questions. First, about the imports. How have you seen that in the current quarter, April, May, in terms of cargo availability, payment conditions, payment terms, and what we should expect from that into the working capital structure of the current quarter?

（接線員指示）第一個問題來自 Banco Itau BBA 的 Monique Greco。您可以解除麥克風靜音。您好，早安。謝謝讓我有機會提問。成果非常好，恭喜你們。我有兩個問題。第一個關於進口：就本季目前（4 月、5 月）而言，在貨源可得性、付款條件、付款期限方面，你們觀察到什麼？以及這將如何影響本季的營運資金結構，我們應該期待什麼？

Building up on the effects of the inventory levels that you shared with us, thinking about the current quarter, as we've seen a price decrease in April, and a decrease in import cost, how can we understand that inventory effect in the second quarter? What would be the kind of guidance we can expect? And do you expect any parachuting dynamic? How is it all going to play into the second quarter? Thank you.

延續你們先前分享的庫存水位影響，從本季來看，4 月價格下跌、進口成本也下降，我們該如何理解第二季的庫存影響？你們可能會給出什麼樣的指引？你們是否預期會有任何「降落傘式」的動態？這些因素將如何反映在第二季？謝謝。

Good morning, Monique. This is Leonardo Linden speaking. In terms of imports, what we can observe is very similar to what we observed in March. The end of the first quarter. We are having expected origination levels. We see no risk of difficulties or disruptions of our businesses with our clients. Terms are reduced, though, and this has an impact on working capital.

早安，Monique。我是 Leonardo Linden。就進口而言，我們觀察到的情況與 3 月、也就是第一季末非常相似。我們的採購來源量（origination levels）符合預期。我們看不到會對與客戶的業務造成困難或中斷的風險。不過，付款期限縮短了，這會對營運資金造成影響。

I think there are three key facts that we observed in the first quarter. One, volume, 8% increase in volume. Second effect is cost of product, but we have increased mix of imported products, which costs more, and thirdly, suppliers, because we have a reduced terms. This has been managed and I suppose that as the market situation resumes its expected level and dynamic, the working capital will go back to its original levels.

我認為第一季我們觀察到三個關鍵事實。第一，銷量成長 8%。第二個影響是產品成本，但我們提高了進口產品的組合占比，而進口產品成本較高。第三是供應商端，因為我們的付款期限縮短。這些都已被管理妥當；我推測當市場狀況回到預期的水準與動態時，營運資金也會回到原本的水準。

In terms of inventory levels, I have two comments to make. I think there are also two effects here. First, price increase over the physical inventories. And secondly, replenishment costs pricing for a longer period of time with increased prices. It does generate an impact, as Polaris pointed out. But once again, as the situation, the conflict in the Middle West resumes, its previous levels and as they used to be, I think everything will go back into normal. Great. Thank you.

就庫存水位而言，我有兩點補充。我認為這裡也有兩個影響。第一，是實體庫存因價格上漲而產生的影響。第二，是以較高價格進行補貨成本定價、且維持較長一段時間。正如 Polaris 所指出的，這確實會帶來影響。但同樣地，當中東地區的衝突回到先前的水準、回到原本的狀態時，我認為一切都會恢復正常。很好，謝謝。

Second question comes by Gabriel Barra with Citi . Please unmute your mic. Mr. Barra. Hello. Good morning. Thank you for taking my question. I have two quick points. The higher margin is a result of a number of things, including the improvement in the informal market, but also a non-recurring effect considering what we've all been experiencing in Brazil and the world in terms of supply, etc.

第二個問題來自 Citi 的 Gabriel Barra。請解除麥克風靜音。Barra 先生。您好，早安。謝謝讓我提問。我有兩個簡短重點。較高的毛利率來自多項因素，包括非正式市場的改善，但也包含一次性（非經常性）影響，考量到我們在巴西及全球在供應等方面所共同經歷的情況。

Looking inside Brazil, there have been a number of measures imposed by the government of Brazil for the whole industry, providing subsidies, and it has impacted the activities of imports, as you shared in your presentation.

在巴西境內，巴西政府針對整個產業推出了多項措施，提供補貼，而這也影響了進口活動，正如你們在簡報中所分享的。

Said that, I would like to hear from you how you've been considering this impact in the industry because of the uncertainty, and the dynamics of the local market as opposed to the international market, especially considering the subsidies of fuel in Brazil impacting not only Ipiranga but also Ultragas.

基於此，我想聽聽你們如何看待這些不確定性對產業的影響，以及本地市場相對於國際市場的動態，特別是巴西的燃料補貼不僅影響 Ipiranga，也影響 Ultragas。

My second question is about capital allocation. Looking back into 2024, considering the holding, the capital allocation was more active. Looking inside and outside, and understanding capital allocation flows, investments made in assets now owned 100% by you, bringing more diversity, investing in other businesses, adding value to shareholders.

我的第二個問題是關於資本配置。回顧 2024 年，考量控股公司層面，資本配置更為積極。無論是內部或外部，從資本配置流向來看，你們投資於目前已由你們 100% 持有的資產，帶來更多元化，投資其他業務，為股東創造價值。

We've seen the news and I would like to hear from you. What is the current status? The company has had a very strong leverage position, very relevant cash position. Considering the payments you have ahead. So I'd like to hear more about these investments, and also investments in other businesses lines by Ultra. These are my two questions. Thank you.

我們也看到相關新聞，想請你們說明目前的最新狀態。公司槓桿水位非常強健，現金部位也相當可觀；同時也考量你們接下來的付款安排。因此我想更了解這些投資，以及 Ultra 在其他業務線的投資。以上是我的兩個問題，謝謝。

Good morning, Gabriel. Let me answer the first question and then I'm going to hand it over to the team. And as you said, the effects of margin that we've seen result from a number of things. First of all, there is a continuous market progression, excluding the Middle East war. If we have the margin discount, the effects of gains and losses of inventory, margins in February and March is higher than the margins we had in the second-half of 2025.

早安，Gabriel。我先回答第一個問題，接著再交給團隊。正如你所說，我們看到的毛利率影響來自多項因素。首先，若排除中東戰爭，市場本身持續改善。若我們把毛利率折讓、以及庫存損益的影響排除，2 月與 3 月的毛利率仍高於 2025 年下半年的毛利率。

This is no big news. It is a market that has been improving in terms of fighting irregular operations. Secondly, there is the effect of the work we've been doing, and you've been following up the plan we have to improve efficiency. And thirdly, yes, there is the effect of the Middle East conflict, which is a reorganization of the market.

這並不是什麼新消息。市場在打擊不合規／非法（irregular）營運方面一直在改善。第二，是我們自身工作的效果，你也一直在追蹤我們提升效率的計畫。第三，沒錯，還有中東衝突的影響，這使市場出現重新配置。

We analyzed cost of products, but the market has changed in terms of supply, logistics, terms, freight, insurance levels. A number of variables have been impacted by the situation. I think the good news is we have reacted and adapted at it, Ranga quite well. We've prioritized supplies with some costs for turnover, for expenses, but the result is very positive.

我們分析了產品成本，但市場在供給、物流、付款條件、運費、保險水準等方面都發生了變化。許多變數都受到局勢影響。我認為好消息是，我們反應迅速並且適應得很好，Ipiranga 的表現相當不錯。我們優先確保供應，雖然在周轉與費用上付出一些成本，但結果非常正面。

I think that excluding the effects of Middle East war, it's a market that has been progressing as well as Ipiranga. And this is the given situation, concerning the government initiatives, we support everything that has been discussed in its end goal, so to speak. There's still a lot going on, and we've been talking to the representatives of the government, regulatory agencies.

我認為若排除中東戰爭的影響，市場與 Ipiranga 都在持續進步。至於政府的倡議，我們支持所有已討論事項的最終目標（可以這麼說）。目前仍有很多事情在進行中，我們也一直與政府代表及監管機構溝通。

We've been having very fruitful discussions. There's still pending issues, but. I really don't know what kind of impact it will have had, but it will depend on how these discussions unfold and how the market is going to deal with all these topics of subsidy. Let me now hand it over to Rodrigo, who's going to talk about capital allocation.

我們的討論非常有成果。仍有一些議題尚待解決，但我真的無法判斷最終會帶來什麼影響；這將取決於這些討論如何推進，以及市場將如何處理所有與補貼相關的議題。接下來我把時間交給 Rodrigo，由他來談資本配置。

Good morning, Bara. Thank you for the questions. Let me reinforce a point here. And something building up on what Monique has said. In this quarter, there is a combination of factors that have impacted the industry and Ipiranga as a consequence. But at Ipiranga, we had a strong increase in volume, together with the effects of inventory gains, but there are two structural points as well that have been benefiting us that will be maintained.

早安，Bara。謝謝你的提問。我想在這裡強調一點，也呼應 Monique 的問題。本季有多項因素共同影響了產業，Ipiranga 也因此受到影響。但在 Ipiranga，我們的銷量大幅成長，加上庫存收益的效果；同時也有兩個結構性因素在支持我們，且將會持續。

One is the fight against irregular players. Even in the quarter, the first two months of the year, before the war started, they were better than the second-half last year. The other effect that has gained more power from the war, is exactly the strength of our brand.

第一是打擊不合規／非法業者。即使在本季、也就是戰爭爆發前的前兩個月，表現也優於去年下半年。第二個因戰爭而更被放大的因素，正是我們品牌的強度。

So maintaining supplies of our whole network of service stations, considering the complexity of the current situation and doing it competitively with good supply levels, it really reinforced the importance of the brand Ipiranga for all its resellers. These are factors that will be maintained.

因此，在當前情勢的複雜性下，維持我們整個服務站網路的供應，並以具競爭力的方式確保良好的供應水準，這確實再次強化了 Ipiranga 品牌對其所有經銷商的重要性。這些因素將會持續維持。

Concerning capital allocation, you know us. We don't talk about the news. But I can emphasize what we've been saying. We are going to keep on looking into possibilities of investments, possibility of recycling capital. It's part of the nature of our holding. And if we don't find good opportunities for recycling or investments, we increase dividend and payback of the shares. This is our mindset.

關於資本配置，你們了解我們。我們不談新聞。但我可以強調我們一直在說的：我們會持續尋找投資的可能性，以及資本回收再配置的可能性。這是我們控股公司的本質之一。如果我們找不到好的回收再配置或投資機會，我們就會提高股利並加大股票回購回饋。這就是我們的思維。

Clear, thank you all very much. The next question comes from Tasso Vasconcellos with UBS. Good morning. Thank you for taking my questions. I have two questions as well. The first one, pisenado, still talking about capital allocation. And building up on what you've just said of looking inwards, recycle the portfolio.

明白了，非常感謝各位。下一個問題來自 UBS 的 Tasso Vasconcellos。早安，謝謝讓我提問。我也有兩個問題。第一個問題，pisenado，仍然是談資本配置，並延伸你剛才所說的向內檢視、回收投資組合。

When we analyze all the different businesses you have, what do you think about maturity level of each businesses? Which of them are more mature, which run at good operational levels as expected? There would require fewer adjustments, and which other businesses do you still run at lower levels than you would expect it to be?

當我們分析你們擁有的各項不同業務時，你如何看待各業務的成熟度？哪些更成熟、哪些已如預期在良好的營運水準上運行、需要較少調整？又有哪些業務仍低於你所期望的水準？

Secondly, I suppose that you have regular interactions with international players, maybe even with Chevron, because you have an association with lubricants, right, with Texaco. But I would like to hear from you your impression, and the interest of international players in the local industry.

第二，我想你們與國際業者應該有定期互動，甚至可能與 Chevron 也有互動，因為你們在潤滑油方面有合作，對吧，與 Texaco。想請你分享你對國際業者在本地產業的印象，以及他們的興趣。

We've been observing some biasing downstream. In Argentina, for example, there is an ongoing attempt along these lines, so it would be good to hear your interactions with international players and get your feedback about Brazil. Thank you.

我們觀察到下游業務有一些偏向性的動作。例如在阿根廷，正有一項沿著這個方向的嘗試在進行中，因此也希望聽聽你們與國際業者的互動，並取得你們對巴西的回饋。謝謝。

Good morning, Tasso. Maybe you didn't get my answer to you, Barra. We don't talk about the news. But speaking about growth, there are some industries which are at higher growth level. For example, northern corridor, the increase throughout the years, handling, also Hidrovias.

早安，Tasso。也許你沒有聽到我對你（Barra）的回答。我們不談新聞。但談到成長，有些產業處於較高的成長階段。例如北部走廊，多年來的增長、裝卸業務，以及 Hidrovias。

We've been observing growth in the area of fuel, especially diesel, which benefits Ipiranga. And as we've been fighting irregular players, Ipiranga has been gaining more market share in our own network, which is a strategic market to our company, bulk of ultra gas, as the industry has been subject to some more pressure, but it's an industry that historically has been having more allocation because of the growth it generates.

我們也觀察到燃料領域的成長，特別是柴油，這對 Ipiranga 有利。而且在我們打擊不合規業者的同時，Ipiranga 在我們自身網路中取得了更多市占；這對公司而言是策略性市場。至於 Ultra Gas 的散裝業務，該產業承受了更多壓力，但從歷史來看，因其帶來的成長，仍是一個獲得較多資本配置的產業。

And we've just closed the historical cycle of investments in ultra cargo, which increased the company's installed capacity. So we've been looking for opportunities for capital allocation opportunities to expand all businesses. If we see opportunities of further expansion in specific industries, we'll keep on doing it.

我們也剛完成 Ultra Cargo 歷史性的投資週期，提升了公司的裝置產能。因此，我們一直在尋找資本配置機會以擴張所有業務。如果我們看到特定產業有進一步擴張的機會，我們會持續推進。

The next question comes by Bruno Montanari with Morgan Stanley. Thank you for taking my questions. Let me talk about margin and regulatory agenda. This quarter is very noisy, right, because of the war effects. But thinking about what we talked about during ultra day, where you would try to obtain margins greater than 200 per cubic meter in the long-term.

下一個問題來自 Morgan Stanley 的 Bruno Montanari。謝謝讓我提問。我想談談毛利與監管議程。本季雜訊很大，對吧，因為戰爭的影響。但回到我們在 Ultra Day 討論的內容，你們長期希望每立方公尺的毛利能高於 200。

Do you think that the scale up of margins that has been reached will speed up this sustainable recurring level of 200 up in terms of regulatory affairs? I think that almost all topics that had been in the agenda have been addressed. Well, the repeated debtor and also NAFTA, a single-phase taxation, is there anything new coming or is it simply obtaining increased compliance levels, and reinforce and enforce all measures to be fully respected so that there would be no further irregular practice? What do you see?

你認為目前已達到的毛利擴張，是否會在監管面加速達成這個可持續、可重複的 200 以上水準？我認為議程上幾乎所有主題都已被處理。像是重複欠稅者（repeated debtor）以及 NAFTA、單一環節課稅等；是否還有新的事項要來，或只是提升合規水準，並強化與落實所有措施，確保完全被遵守，避免再有不合規行為？你怎麼看？

Well, Bruno, margins, as you've said yourself, it's difficult to create scenarios based on the effects of the Middle East conflict. Let's exclude that then. And as I said in my first answer, we've been observing an expansion of the market, healthy market, I would say, healthier market really.

嗯，Bruno，關於毛利，正如你自己所說，基於中東衝突的影響來做情境推演很困難。那我們先把這個因素排除。如同我在第一個回答中提到的，我們觀察到市場在擴張，我會說這是一個健康的市場，甚至更健康。

I don't want to work with a hypothesis whether the conflict will get worse. I don't know. But I think the market is getting better. And I can anticipate even increasing margins. And this is what we've been working on to strengthen regulatory affairs and to improve our own operations inside margins above 200 are very feasible in this business. And we are always trying to have 20% capital on investment returns, capital returns, right?

我不想用衝突是否會惡化這種假設來工作，我不知道。但我認為市場正在改善。我甚至可以預期毛利還會提升。這也是我們一直在做的：強化監管面，並改善我們自身的營運；在這個業務中，毛利高於 200 是非常可行的。而且我們始終致力於達到 20% 的投資資本報酬率（資本回報），對吧？

From the regulatory perspective, I have seen some evolution, but this is something that we should never take for granted. And we cannot get distracted by other factors because there's still a lot to be done. First, we have to be absolutely sure that everything that we've done throughout previous years has to be implemented, has to be enforced.

從監管角度來看，我看到了一些進展，但這件事我們絕不能視為理所當然。我們也不能因其他因素而分心，因為仍有很多工作要做。首先，我們必須絕對確保過去幾年所做的一切都要落地實施、要被執行。

We have to make sure that laws are complied with and everything that we've obtained can and should be really enforced. There are still some topics that need further involvement. For example, ethanol single-phase taxation is one of them. We've seen a lot of tax evasion, product being sold without invoice, so we really need to go further with single-phase taxation for ethanol.

我們必須確保法律被遵循，並且我們所取得的一切都能、也應該被真正落實執行。仍有一些議題需要更深入的投入。例如乙醇的單一環節課稅就是其中之一。我們看到大量逃稅、未開立發票就銷售產品，因此我們確實需要在乙醇單一環節課稅上更進一步。

Biodiesel imported, diesel is more expensive than local diesel, but there is an item of the mix which hasn't been dealt with yet. And now there is the new law of the repeated data that we want to see in action. But I'll say that it's a positive landscape. It shows progression.

進口生質柴油方面，柴油比本地柴油更昂貴，但在混配中仍有一個項目尚未被處理。現在也有關於重複違規者（repeated data）的新法律，我們希望看到它實際運作。不過我會說，整體前景是正面的，顯示出進展。

And I suppose it's going to bring benefits not only to Ipiranga, but to resellers, they're going to have fair competition, to consumers. We’re going to have the guarantee of receiving good products, and for the government, which is going to increase revenues from taxation. So we cannot really get distracted by the Middle East war because there are some foundation elements that are still under work and require our attention and dedication. Thank you.

我想這不僅會為 Ipiranga 帶來好處，也會讓經銷商受益——他們將能在公平競爭下經營；也會讓消費者受益——我們將能確保收到優質產品；同時也有利於政府——稅收收入將增加。因此，我們不能真的因中東戰爭而分心，因為仍有一些基礎性要素正在推進中，需要我們的關注與投入。謝謝。

Our Q&A session is completed. Now, I would like to hand it back to you, Alexandre Palhares, for his closing remarks. Thank you all very much for joining us. Unfortunately, we couldn't have all questions answered, but our investor relations team is available to support you. Thank you very much. See you next time.

我們的問答環節到此結束。現在我想把時間交還給 Alexandre Palhares，請他做結語。非常感謝各位的參與。很遺憾我們無法回答所有問題，但我們的投資人關係團隊隨時可以為各位提供協助。非常感謝。下次見。

This call is closed now. Thank you all very much for your participation. Have a great day.

本次電話會議現在結束。非常感謝各位的參與。祝各位今天愉快。