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filed with the Securities and Exchange Commission on April 28, 2026\n\n# UNITED STATES\n\n# SECURITIES AND EXCHANGE COMMISSION\n\n# WASHINGTON, D.C. 20549\n\n \n\nFORM 20-F/A\n\n(Mark one)\n\n☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number: 001-14950\n\nULTRAPAR PARTICIPAÇÕES S.A.\n\n(Exact name of Registrant as specified in its charter)\n\nULTRAPAR HOLDINGS INC.\n\n(Translation of Registrant’s name into English)\n\nThe Federative Republic of Brazil\n\n(Jurisdiction of incorporation or organization)\n\nBrigadeiro Luis Antônio Avenue, 1343, 9th Floor\n\nSão Paulo, SP, Brazil 01317-910\n\nTelephone: 55 11 3177 7014\n\n(Address of principal executive offices)\n\n \n\nAlexandre Mendes Palhares, Chief Financial and Investor Relations Officer\n\nBrigadeiro Luis Antônio Avenue, 1343, 9th Floor\n\nSão Paulo, SP, Brazil 01317-910\n\nTelephone: 55 11 3177 7014\n\n(Name, telephone, email and/or facsimile number and address of company contact person)\n\n \n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading symbol\n\nName of each exchange on which registered\n\n \n\n \n\n \n\nCommon shares, with no par value (represented by, and traded only in the form of American Depositary Shares, evidenced by American Depositary Receipts, with each American Depositary Share representing one common share)\n\nUGP\n\nNew York Stock Exchange\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\nNone\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\nNone\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.\n\nThe number of outstanding shares as of December 31, 2025, was:\n\n \n\n \n\n \n\nTitle of class\n\n \n\nNumber of shares outstanding\n\n \n\nCommon shares\n\n1,068,706,822\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No\n\nNote - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer ☒ Accelerated Filer ☐\n\nNon-accelerated Filer ☐ Emerging growth company ☐\n\n \n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP ☐\n\nInternational Financial Reporting Standards as issued\n\nby the International Accounting Standards Board ☒\n\nOther ☐\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No\n\n \n\nExplanatory Note\n\nWe are amending our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 29, 2026 (the “Annual Report”), to correct typographical information in the report of the independent registered public accounting firm to indicate that the independent registered public accounting firm has served as the Company’s auditor since 2022.\n\n[.](#TOC)\n\nF-1\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n ​\n\n[Independent Auditor’s Report on the Consolidated Financial Statements](#Baud_293202611259771)\nF-3\n\n[Consolidated statements of financial position as of December 31, 2025 and 2024](#BND11_252202616496323)\nF-8\n\n[Consolidated statements of income](#BJKB2_1722026223147836)\nF-9\n\n[Consolidated\nstatements of \n\ncomprehensive income](#BJKB3_17220262234379)\nF-10\n\n[Consolidated statements of changes in equity](#BJKB4_1722026223527261)\nF-11\n\n[Consolidated\nstatements of cash flows – indirect method](#BJKB5_1722026223635766)\nF-14\n\n[1. Operations](#BJKB101_1722026223854286)\nF-15\n\n[a. Principles of consolidation and interest in subsidiaries](#BJKB102_1722026223912800)\nF-15\n\n[2. Basis of preparation and presentation of consolidated financial statements](#BJKB103_1722026224053349)\nF-18\n\n[3. New accounting policies and changes in accounting policies](#BJKB104_1722026224122985)\nF-22\n\n[4. Cash and cash equivalents and financial investments](#BJKB105_1722026224157617)\nF-23\n\n[5. Trade receivables and reseller financing](#BJKB106_17220262254342)\nF-24\n\n[6. Inventories](#BJKB6_1722026225540913)\nF-26\n\n[7. Recoverable taxes and recoverable income and social contributions taxes](#BJKB7_172202623142597)\nF-27\n\n[8. Related parties](#BJKB8_172202623318501)\nF-29\n\n[9. Income and social contribution taxes](#BJKB9_172202623717468)\nF-32\n\n[10. Contractual assets with customers - exclusivity rights](#BJKB10_17220262383777)\nF-37\n\n[11. Investments in subsidiaries, joint ventures and associates](#BJKB11_1722026231547480)\nF-37\n\n[12. Right-of-use assets and leases payable](#BJKB12_1722026231621110)\nF-41\n\n[13. Property, plant, and equipment](#BJKB13_1722026232523393)\nF-45\n\n[14. Intangible assets](#BJKB14_1722026231729928)\nF-48\n\n[15. Loans, financing and debentures](#BJKB15_1722026231759643)\nF-52\n\n[16. Trade payables](#BJKB16_1722026231832401)\nF-55\n\n[17. Employee benefits and private pension plan](#BJKB17_172202623198642)\nF-56\n\n[18. Provisions and contingent liabilities](#BJKB18_1722026231941396)\nF-58\n\n[19. Subscription warrants – indemnification](#BJKB19_1722026232015713)\nF-62\n\n[20. Equity](#BJKB20_1722026232123869)\nF-62\n\n[21. Costs, expenses and other operating results by nature](#BJKB21_1722026232211738)\nF-66\n\n[22. Financial result](#BJKB22_172202623224365)\nF-67\n\n[23. Earnings per share](#BJKB23_1722026233352746)\nF-68\n\n[24. Segment information](#BJKB24_1722026232614393)\nF-69\n\n[25. Financial instruments](#BJKB25_1722026232752448)\nF-74\n\n[26. Commitments](#BJKB26_172202623290976)\nF-87\n\n[27. Acquisition of Interest and Control](#BJKB27_1722026232937197)\nF-88\n\n[28. Discontinued operation](#BJKB28_172202623302161)\nF-99\n\n[29. Events after the reporting period](#BJKB29_1722026233036712)\nF-101\n\nF-2\n\n[Table of Contents](#TOC)\n\nDeloitte Touche Tohmatsu\n\nAv. Dr. Chucri Zaidan, 1.240 -\n\n4º ao 12º pisos - Golden Tower\n\n04711-130 - São Paulo - SP\n\nBrasil\n\n \n\nTel.: + 55 (11) 5186-1000\n\nFax: + 55 (11) 5181-2911\n\nwww.deloitte.com.br\n\n[REPORT OF\nINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#TOC)\n\nTo the\nShareholders and the Board of Directors of\n\nUltrapar Participações\nS.A.\n\n**Opinion on\nthe Financial Statements**\n\nWe have audited the accompanying consolidated\nstatements of financial position of Ultrapar Participações S.A. and subsidiaries (the \"Company\") as of December\n31, 2025 and 2024, the related consolidated statements of income, comprehensive\nincome, changes in equity and cash flows, for each of the three years in the\nperiod ended December 31, 2025, and the related notes (collectively referred to\nas the \"financial statements\"). In our opinion, the financial\nstatements present fairly, in all material respects, the financial position of\nthe Company as of December 31, 2025 and 2024, and the results of its operations\nand its cash flows for each of the three years in the period ended December 31,\n2025, in conformity with IFRS Accounting Standards as issued by the\nInternational Accounting Standards Board (IASB).\n\nWe have also audited, in accordance with the standards\nof the Public Company Accounting Oversight Board (United States) (PCAOB), the\nCompany's internal control over financial reporting as of December 31, 2025,\nbased on criteria established in Internal Control - Integrated Framework (2013)\nissued by the Committee of Sponsoring Organizations of the Treadway Commission\nand our report dated April 28, 2026, expressed an unqualified opinion on the\nCompany's internal control over financial reporting.\n\n**Basis for\nOpinion**\n\nThese financial statements are the responsibility of\nthe Company's management. Our responsibility is to express an opinion on the\nCompany's financial statements based on our audits. We are a public accounting\nfirm registered with the PCAOB and are required to be independent with respect\nto the Company in accordance with the U.S. federal securities laws and the\napplicable rules and regulations of the Securities and Exchange Commission and\nthe PCAOB.\n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the\naudit to obtain reasonable assurance about whether the financial statements are\nfree of material misstatement, whether due to error or fraud. Our audits\nincluded performing procedures to assess the risks of material misstatement of\nthe financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on\na test basis, evidence regarding the amounts and disclosures in the financial\nstatements. Our audits also included evaluating the accounting principles used\nand significant estimates made by management, as well as evaluating the overall\npresentation of the financial statements. We believe that our audits provide a\nreasonable basis for our opinion.\n\nDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.\n\nDeloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.\n\n© 2026. For information, contact Deloitte Global.\n\nF-3\n\n[Table of Contents](#TOC)\n\n**Critical\nAudit Matters**\n\nThe critical audit matters communicated\nbelow are matters arising from the current-period audit of the financial\nstatements that were communicated or required to be communicated to the Audit and\nRisks Committee and that (1) relate to accounts or disclosures that are\nmaterial to the financial statements and (2) involved our especially\nchallenging, subjective, or complex judgments. The communication of critical\naudit matters does not alter in any way our opinion on the financial\nstatements, taken as a whole, and we are not, by communicating the critical\naudit matters below, providing separate opinions on the critical audit matters\nor on the accounts or disclosures to which they relate.\n\n**Business Combination – Hidrovias – Refer\nto Note 27.b to the consolidated financial statements**\n\n*Critical Audit Matter Description*\n\nAs disclosed in Note 27.b to the consolidated\nfinancial statements, in May 2025 the Company acquired control of Hidrovias do\nBrasil S.A. (“Hidrovias”), holding 58.72% of its capital as of December 31,\n2025. This transaction requires, in accordance with the applicable accounting\nstandards, the recognition by the Company of the business combination,\nincluding the measurement, at fair value, of the assets acquired and\nliabilities assumed, as well as the determination and recognition of goodwill.\nThe determination of these values involves valuation techniques and subjective\nestimates, such as cash flow projections, discount rates, useful lives and\noperational assumptions, that require significant judgments by Management.\n\nThis topic was considered a critical audit\nmatter due to the materiality of the balances involved, the complexity of the\nrequired estimates, the relevant judgments made by Management in concluding\nthat it was a business combination achieved in stages, considering that the\nCompany already had significant influence over Hidrovias before the acquisition\nof control, and the degree of subjectivity inherent in the assumptions used in\nthe measurement of fair value and in the determination of goodwill.\n\n*How the Critical Audit Matter Was\nAddressed in the Audit*\n\nOur\naudit procedures related to the business combination of Hidrovias included the following, among others:\n\n•\n\nWe tested the design, implementation and operating effectiveness of internal controls over the purchase price allocation, and the valuation methodology for estimating the fair value of assets acquired and liabilities assumed.\n\n•\nWe read and evaluated the relevant documents and contracts related to the transaction.\n\n•\nWith the assistance of our specialists in accounting and reporting matters, we evaluated the accounting aspects of the acquisition as a business combination achieved in stages.\n\n•\n\nWe tested the computation of the revaluation to fair value of the previous investment and the components of the resulting net gain recorded on the acquisition date.\n\n•\n\nWe evaluated the accounting policies applied to the business combination and to the identification of the assets and liabilities recorded at fair value.\n\n•\n\nWith the assistance of our valuation specialists, we evaluated the reasonableness of the valuation methodologies and assumptions used in the determination of fair value of identified intangible assets,   including testing of the discounted cash flows models and the mathematical accuracy of the calculations.\n\n•\nWe assessed the reasonableness of management’s projections by comparing the assumptions used in the projections, historical data, and results from other areas of the audit.\n\n•\n\nWe evaluated the related disclosures in the consolidated financial statements.\n\n****\n\nDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.\n\nDeloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.\n\n© 2026. For information, contact Deloitte Global.\n\nF-4\n\n[Table of Contents](#TOC)\n\n****\n\n**Recoverable Taxes - Recoverability\nof PIS and COFINS tax credits - Ipiranga - Refer to Note 7.a.2\nto the consolidated financial statements.**\n\n*Critical Audit Matter Description*\n\nThe\nCompany´s subsidiary Ipiranga Produtos de Petróleo S.A. (“Ipiranga”) recorded\nrecoverable tax credits related to PIS and COFINS (Federal Value Added Taxes) of\nR$3,863,682 as of December 31, 2025, whose realization depends on the\ngeneration by Ipiranga of sufficient amounts of qualifying federal tax\nliabilities in the future. These tax credits may be utilized to offset future PIS and COFINS tax liabilities or other future\nqualifying federal tax liabilities of Ipiranga, or may be refunded by the\nFederal Revenue Service through requests if they are filed within the\napplicable regulatory period.\n\nThe\nevaluation of the recoverability of the PIS and COFINS credits of Ipiranga\nrequires a high degree of judgment by the Company´s management, given the\ncomplexity underlying the interpretations of the applicable tax laws, as well\nas the uncertainties related to the expected timing and amounts to be realized,\nwhich are based on estimates and assumptions of future\nbusiness performance and market conditions,\nand involve considerable effort on the part of management in preparing the\ncalculations used to support the realization of those tax credits.\n\nThis\nmatter was considered a critical audit matter due to the significance of the\namounts involved, the complexity and degree of judgment involved in assessing\nand challenging management’s assumptions and judgments regarding the\nrecoverability of tax credits.\n\n*How\nthe Critical Audit Matter Was Addressed in the Audit*\n\nOur audit procedures related\nto the recoverability of the Ipiranga PIS and COFINS tax credits included the following, among others:\n\n•\nWe tested the design, implementation and operating effectiveness of internal controls over management’s assessment of the recoverability of the PIS and COFINS credits, including relevant internal controls over the projections prepared by management and used to support the realization of the tax credits.\n\n•\nWe inspected the approvals of the strategic plan and applicable underlying projections by the Board of Directors.\n\n•\nWe evaluated the significant assumptions used by management in its recoverability assessment, including the timing and character of future qualifying federal tax liabilities, and tested the completeness and accuracy of the data supporting the significant assumptions underlying management´s projections.\n\n•\nWe inquired of executives from the businesses, treasury and controllership areas and challenged the significant assumptions underlying management´s projections in light of historical performance.\n\n•\nWe performed a retrospective analysis, including evaluation of the history of tax credit offsets and refunds, including assessing any contradictory evidence.\n\n•\n\nWe evaluated the related disclosures in the financial statements.\n\n•\n\nWe assessed the accuracy and completeness of disclosures related to PIS and COFINS tax credits.\n\n \n\n/s/ DELOITTE TOUCHE TOHMATSU Auditores Independentes Ltda\n\nSão\nPaulo, Brazil\n\n \n\nWe have served as the Company's auditor since 2022.\n\nApril 28, 2026\n\nF-5\n\n[Table of Contents](#TOC)\n\nDeloitte Touche Tohmatsu\n\nAv. Dr. Chucri Zaidan, 1.240 -\n\n4º ao 12º pisos - Golden Tower\n\n04711-130 - São Paulo - SP\n\nBrasil\n\n \n\nTel.: + 55 (11) 5186-1000\n\nFax: + 55 (11) 5181-2911\n\nwww.deloitte.com.br\n\nREPORT OF INDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders\nand the Board of Directors of\n\nUltrapar Participações S.A.\n\n**Opinion on Internal Control over\nFinancial Reporting**\n\nWe have audited the internal control over financial reporting of\nUltrapar Participações S.A. and subsidiaries (the “Company”) as of December 31,\n2025, based on criteria established in the Internal Control - Integrated Framework\n(2013) issued by the Committee of Sponsoring Organizations of the Treadway\n\nCommission (COSO). In our opinion, the Company maintained, in all material\nrespects, effective internal control over financial reporting as of December\n31, 2025, based on criteria established in the Internal Control - Integrated Framework (2013) issued by COSO.\n\nWe have also audited, in accordance with the standards of the Public\nCompany Accounting Oversight Board (United States) (PCAOB), the consolidated financial\nstatements as of and for the year ended December 31, 2025, of the Company and our report dated April 28, 2026,\nexpressed an unqualified opinion on those financial statements.\n\nAs described in Management’s Annual Report on Internal Control Over\nFinancial Reporting, the Company’s management excluded from its assessment the\ninternal control over financial reporting at Hidrovias do Brasil S.A., Petrovila\nCombustíveis S.A., TRR Neoagrodiesel S.A., and MI TRR Transportadora Retalhista\ne Revendedora de Combustíveis S.A., which were acquired in 2025, and whose combined\nfinancial statements constitute 12.71% and 16.20% of net assets and total\nassets, respectively, 1.19% of revenues, and 4.62% of net income of the\nconsolidated financial statement amounts as of and for the year ended December\n31, 2025. Accordingly, our audit did not include the internal control over\nfinancial reporting at those entities.\n\n**Basis for Opinion**\n\nThe Company’s management is responsible for maintaining effective\ninternal control over financial reporting and for its assessment of the\neffectiveness of internal control over financial reporting, included in the\naccompanying Management’s Annual Report on Internal Control Over Financial Reporting,\nappearing in Item 15(b).  Our\nresponsibility is to express an opinion on the Company’s internal control over\nfinancial reporting based on our audit. We are a public accounting firm\nregistered with the PCAOB and are required to be independent with respect to\nthe Company in accordance with the U.S. federal securities laws and the\napplicable rules and regulations of the Securities and Exchange Commission and\nthe PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB.\nThose standards require that we plan and perform the audit to obtain reasonable\nassurance about whether effective internal control over financial reporting was\nmaintained in all material respects. Our audit included obtaining an\nunderstanding of internal control over financial reporting, assessing the risk\nthat a material weakness exists, testing and evaluating the design and\noperating effectiveness of internal control based on the assessed risk, and\nperforming such other procedures as we considered necessary in the\ncircumstances. We believe that our audit provides a reasonable basis for our\nopinion.\n\nDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.\n\nDeloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.\n\n© 2026. For information, contact Deloitte Global.\n\nF-6\n\n[Table of Contents](#TOC)\n\n****\n\n**Definition and Limitations of\nInternal Control over Financial Reporting**\n\nA company’s internal control over financial reporting is a process\ndesigned to provide reasonable assurance regarding the reliability of financial\nreporting and the preparation of financial statements for external purposes in\naccordance with generally accepted accounting principles. A company’s internal\ncontrol over financial reporting includes those policies and procedures that\n(1) pertain to the maintenance of records that, in reasonable detail,\naccurately and fairly reflect the transactions and dispositions of the assets\nof the company; (2) provide reasonable assurance that transactions are recorded\nas necessary to permit preparation of financial statements in accordance with\ngenerally accepted accounting principles, and that receipts and expenditures of\nthe company are being made only in accordance with authorizations of management\nand directors of the company; and (3) provide reasonable assurance regarding\nprevention or timely detection of unauthorized acquisition, use, or disposition\nof the company’s assets that could have a material effect on the financial\nstatements.\n\nBecause of its inherent limitations, internal control over financial\nreporting may not prevent or detect misstatements. Also, projections of any\nevaluation of effectiveness to future periods are subject to the risk that\ncontrols may become inadequate because of changes in conditions, or that the\ndegree of compliance with the policies or procedures may deteriorate.\n\n** **\n\n/s/ DELOITTE TOUCHE TOHMATSU Auditores Independentes Ltda\n\nSão Paulo, Brazil\n\n \n\nApril 28, 2026\n\nF-7\n\n[Table of Contents](#TOC)\n\n \n\n**Ultrapar Participações S.A. and** **Subsidiaries**\n\n \n\n \n\n[**Consolidated statements of financial position as of December 31, 2025 and 2024**](#TOC)\n\n \n\n*In thousands of Brazilian Reais)*\n\n \n\n \n\n \n\n \n\n \n\n** **\n\n \n\n \n\n \n\n \n\n \n\n** **\n\n \n\n \n\n** Note**\n\n \n\n**12/31/2025**\n\n \n\n \n\n**12/31/2024**\n\n \n\n \n\n \n\n** Note**\n\n \n\n**12/31/2025**\n\n \n\n \n\n**12/31/2024**\n\n \n\n**Assets**\n\n \n\n \n\n \n\n \n\n \n\n** **\n\n \n\n \n\n**Liabilities**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Current assets**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Current liabilities**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n**4.a**\n\n \n\n3,175,125\n\n \n\n \n\n2,071,593\n\n \n\n \n\nTrade payables\n\n**16**\n\n \n\n4,643,344\n\n \n\n \n\n3,518,385\n\n \n\nFinancial investments\n\n**4.b**\n\n \n\n3,851,758\n\n \n\n \n\n2,306,927\n\n \n\n \n\nTrade payables – reverse factoring\n\n** **\n\n \n\n3,785\n\n \n\n \n\n1,014,504\n\n \n\nDerivative financial instruments\n\n**26.f**\n\n \n\n127,254\n\n \n\n \n\n246,084\n\n \n\n \n\nLoans, financing and debentures\n\n**15**\n\n \n\n4,251,131\n\n \n\n \n\n3,478,673\n\n \n\nTrade receivables\n\n**5.a**\n\n \n\n3,703,954\n\n \n\n \n\n3,540,266\n\n \n\n \n\nDerivative financial instruments\n\n**25.f**\n\n \n\n246,064\n\n \n\n \n\n74,087\n\n \n\nReseller financing\n\n**5.a**\n\n \n\n573,093\n\n \n\n \n\n511,979\n\n \n\n \n\nSalaries and related charges\n\n** **\n\n \n\n576,674\n\n \n\n \n\n480,285\n\n \n\nInventories\n\n**6**\n\n \n\n4,244,164\n\n \n\n \n\n3,917,076\n\n \n\n \n\nTaxes payable\n\n** **\n\n \n\n236,928\n\n \n\n \n\n151,230\n\n \n\nRecoverable taxes\n\n**7.a**\n\n \n\n1,685,426\n\n \n\n \n\n2,040,008\n\n \n\n \n\nEnergy trading futures contracts\n\n**25.h**\n\n \n\n303,455\n\n \n\n \n\n66,729\n\n \n\nRecoverable income and social contribution taxes\n\n**7.b**\n\n \n\n317,963\n\n \n\n \n\n151,930\n\n \n\n \n\nDividends payable\n\n**20.h**\n\n \n\n23,073\n\n \n\n \n\n327,471\n\n \n\nEnergy trading futures contracts\n\n**25.h**\n\n \n\n371,241\n\n \n\n \n\n141,257\n\n \n\n \n\nIncome and social contribution taxes payable\n\n** **\n\n \n\n358,685\n\n \n\n \n\n322,074\n\n \n\nDividends receivable\n\n** **\n\n \n\n923\n\n \n\n \n\n3,415\n\n \n\n \n\nPost-employment benefits\n\n**17.b**\n\n \n\n19,067\n\n \n\n \n\n24,098\n\n \n\nOther receivables and other assets\n\n** **\n\n \n\n294,068\n\n \n\n \n\n294,769\n\n \n\n \n\nProvisions for tax, civil and labor risks\n\n**18.a**\n\n \n\n49,175\n\n \n\n \n\n47,788\n\n \n\nPrepaid expenses\n\n** **\n\n \n\n165,392\n\n \n\n \n\n163,846\n\n \n\n \n\nLeases payable\n\n**12.b**\n\n \n\n343,725\n\n \n\n \n\n316,460\n\n \n\nContractual assets with customers - exclusivity rights\n\n**10**\n\n \n\n666,109\n\n \n\n \n\n658,571\n\n \n\n \n\nFinancial liabilities of customers\n\n** **\n\n \n\n63,445\n\n \n\n \n\n117,090\n\n \n\n**Total current assets**\n\n** **\n\n \n\n**19,176,470**\n\n \n\n \n\n**16,047,721**\n\n \n\n \n\nOther payables\n\n** **\n\n \n\n728,793\n\n \n\n \n\n554,327\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**   Total current liabilities**\n\n** **\n\n** **\n\n**11,847,344**\n\n \n\n \n\n**10,493,201**\n\n \n\n**Non-current assets**\n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Non-current liabilities**\n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial investments\n\n**4.b**\n\n \n\n2,381,597\n\n \n\n \n\n2,819,179\n\n \n\n \n\nLoans, financing and debentures\n\n**15**\n\n \n\n15,842,130\n\n \n\n \n\n10,381,837\n\n \n\nDerivative financial instruments\n\n**25.f**\n\n \n\n773,063\n\n \n\n \n\n585,294\n\n \n\n \n\nDerivative financial instruments\n\n**25.f**\n\n \n\n334,851\n\n \n\n \n\n367,513\n\n \n\nTrade receivables\n\n**5.a**\n\n \n\n33,282\n\n \n\n \n\n27,003\n\n \n\n \n\nEnergy trading futures contracts\n\n**25.h**\n\n \n\n431,418\n\n \n\n \n\n48,047\n\n \n\nReseller financing\n\n**5.a**\n\n \n\n800,927\n\n \n\n \n\n766,045\n\n \n\n \n\nRelated parties\n\n**8**\n\n \n\n2,875\n\n \n\n \n\n3,516\n\n \n\nRelated parties\n\n**8**\n\n \n\n105,196\n\n \n\n \n\n48,309\n\n \n\n \n\nDeferred income and social contribution taxes\n\n**9.a**\n\n \n\n637,897\n\n \n\n \n\n132,825\n\n \n\nDeferred income and social contribution taxes\n\n**9.a**\n\n \n\n1,007,291\n\n \n\n \n\n936,941\n\n \n\n \n\nPost-employment benefits\n\n**17.b**\n\n \n\n196,549\n\n \n\n \n\n198,778\n\n \n\nRecoverable taxes\n\n**7.a**\n\n \n\n3,717,815\n\n \n\n \n\n2,650,269\n\n \n\n \n\nProvisions for tax, civil and labor risks\n\n**18.a**\n\n \n\n485,439\n\n \n\n \n\n610,572\n\n \n\nRecoverable income and social contribution taxes\n\n**7.b**\n\n \n\n346,093\n\n \n\n \n\n346,137\n\n \n\n \n\nLeases payable\n\n**12.b**\n\n \n\n1,395,908\n\n \n\n \n\n1,168,692\n\n \n\nEnergy trading futures contracts\n\n**25.h**\n\n \n\n724,121\n\n \n\n \n\n263,438\n\n \n\n \n\nFinancial liabilities of customers\n\n** **\n\n \n\n10,881\n\n \n\n \n\n63,135\n\n \n\nEscrow deposits\n\n**18.a**\n\n \n\n471,609\n\n \n\n \n\n446,076\n\n \n\n \n\nSubscription warrants – indemnification\n\n**19**\n\n \n\n53,911\n\n \n\n \n\n47,745\n\n \n\nIndemnification asset - business combination\n\n**18.c**\n\n \n\n92,524\n\n \n\n \n\n126,098\n\n \n\n \n\nProvision for loss on investment\n\n**11**\n\n \n\n76,059\n\n \n\n \n\n349\n\n \n\nOther receivables and other assets\n\n** **\n\n \n\n185,726\n\n \n\n \n\n117,076\n\n \n\n \n\nOther payables\n\n** **\n\n \n\n303,115\n\n \n\n \n\n218,420\n\n \n\nPrepaid expenses\n\n** **\n\n \n\n80,643\n\n \n\n \n\n40,904\n\n \n\n \n\n \n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\nContractual assets with customers - exclusivity rights\n\n**10**\n\n \n\n1,518,987\n\n \n\n \n\n1,473,331\n\n \n\n \n\n**   Total non-current liabilities**\n\n** **\n\n** **\n\n**19,771,033**\n\n \n\n \n\n**13,241,429**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Equity**\n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShare capital\n\n**20.a**\n\n \n\n7,987,100\n\n \n\n \n\n6,621,752\n\n \n\nInvestments in subsidiaries, joint ventures and associates\n\n**11**\n\n \n\n521,381\n\n \n\n \n\n2,148,633\n\n \n\n \n\nEquity instrument granted\n\n**20.b**\n\n \n\n144,694\n\n \n\n \n\n108,253\n\n \n\nRight-of-use assets, net\n\n**12**\n\n \n\n1,928,694\n\n \n\n \n\n1,671,324\n\n \n\n \n\nCapital reserve\n\n**20.d**\n\n \n\n617,009\n\n \n\n \n\n612,048\n\n \n\nProperty, plant and equipment, net\n\n**13**\n\n \n\n12,167,097\n\n \n\n \n\n7,135,966\n\n \n\n \n\nTreasury shares\n\n**20.c**\n\n \n\n(822,526\n\n)\n\n \n\n(596,400\n\n)\n\nIntangible assets, net\n\n**14**\n\n \n\n3,316,478\n\n \n\n \n\n1,908,330\n\n \n\n \n\nRevaluation reserve\n\n**20.e**\n\n \n\n3,476\n\n \n\n \n\n3,632\n\n \n\n \n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit reserves\n\n**20.f**\n\n \n\n7,662,403\n\n \n\n \n\n8,195,221\n\n \n\n**Total non-current assets**\n\n** **\n\n \n\n**30,172,524**\n\n \n\n \n\n**23,510,353**\n\n \n\n \n\nAccumulated other comprehensive income\n\n** **\n\n \n\n223,355\n\n \n\n \n\n214,212\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAcquisition of shares from shareholders\n\n**27.b**\n\n \n\n(149,239\n\n)\n\n \n\n‐\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Equity attributable to:**\n\n** **\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Ultrapar shareholders’ equity\n\n** **\n\n \n\n15,666,272\n\n \n\n \n\n15,158,718\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Non-controlling interests\n\n**11**\n\n \n\n2,064,345\n\n \n\n \n\n664,726\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Total equity**\n\n** **\n\n** **\n\n**17,730,617**\n\n \n\n \n\n**15,823,444**\n\n \n\n**Total assets**\n\n** **\n\n \n\n**49,348,994**\n\n \n\n \n\n**39,558,074**\n\n \n\n \n\n**Total liabilities and equity**\n\n** **\n\n** **\n\n**49,348,994**\n\n \n\n \n\n**39,558,074**\n\n \n\n \n\nThe accompanying notes are an integral part of the financial statements.\n\nF-8\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n[Consolidated statements of income](#TOC)\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n*In thousands of Brazilian Reais)*\n\n \n\n Note\n\n2025\n\n2024\n\n2023\n\nContinuing operations\n\n \n\n \n\n \n\n \n\nNet revenue from sales and services\n\n \n\n142,369,540\n\n133,498,913\n\n126,048,701\n\nCost of products and services sold\n\n21\n\n(133,010,699\n\n)\n\n(123,811,893\n\n)\n\n(116,730,469\n\n)\n\nGross profit\n\n \n\n9,358,841\n\n9,687,020\n\n9,318,232\n\nOperating income (expenses)\n\n \n\n \n\n \n\n \n\nSelling and marketing\n\n21\n\n(2,517,894\n\n)\n\n(2,499,547\n\n)\n\n(2,253,226\n\n)\n\nGeneral and administrative\n\n21\n\n(2,249,413\n\n)\n\n(1,872,092\n\n)\n\n(2,018,159\n\n)\n\nResults from disposal of assets\n\n \n\n99,570\n\n171,837\n\n121,935\n\nOther operating income (expenses), net\n\n21\n\n354,664\n\n(414,092\n\n)\n\n(602,865\n\n)\n\nOperating result before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes\n\n \n\n5,045,768\n\n5,073,126\n\n  4,565,917\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n11\n\n(155,999\n\n)\n\n(127,182\n\n)\n\n  11,908\n\nAmortization of fair value adjustments on associates acquisition\n\n11\n\n(1,611\n\n)\n\n(2,493\n\n)\n\n-\n\nGain on acquisition of control of associate\n\n27.b\n\n91,105\n\n‐\n\n-\n\nTotal share of profit (loss) of subsidiaries, joint ventures and associates\n\n \n\n(66,505\n\n)\n\n(129,675\n\n)\n\n  11,908  \n\n \n\n \n\n \n\n \n\n \n\nIncome before financial result and income and social contribution taxes\n\n \n\n4,979,263\n\n4,943,451\n\n  4,577,825\n\nFinancial income\n\n22\n\n1,580,842\n\n881,074\n\n880,884\n\nFinancial expenses\n\n22\n\n(2,748,196\n\n)\n\n(1,813,008\n\n)\n\n(1,880,014\n\n)\n\nFinancial result, net\n\n22\n\n(1,167,354\n\n)\n\n(931,934\n\n)\n\n(999,130\n\n)\n\nIncome before income and social contribution taxes\n\n \n\n3,811,909\n\n4,011,517\n\n3,578,695\n\nIncome and social contribution taxes\n\n \n\n \n\n \n\n \n\nCurrent\n\n9.b\n\n(1,054,797\n\n)\n\n(1,124,664\n\n)\n\n(1,396,317\n\n)\n\nDeferred\n\n9.b\n\n(8,892\n\n)\n\n(360,953\n\n)\n\n335,375\n\n \n\n \n\n(1,063,689\n\n)\n\n(1,485,617\n\n)\n\n(1,060,942\n\n)\n\nNet income from continuing operations\n\n \n\n2,748,220\n\n2,525,900\n\n2,517,753\n\nDiscontinued operations\n\n \n\n \n\n \n\n \n\nNet income (loss) from discontinued operations\n\n28\n\n(206,312\n\n)\n\n‐\n\n-\n\nNet income for the year\n\n \n\n2,541,908\n\n2,525,900\n\n2,517,753\n\nIncome attributable to:\n\n \n\n \n\n \n\n \n\n  Shareholders of Ultrapar\n\n \n\n2,453,853\n\n2,362,740\n\n2,439,795\n\n  Non-controlling interests in subsidiaries\n\n11\n\n88,055\n\n163,160\n\n77,958\n\nTotal earnings per share from continuing operations (based on the weighted average number of shares outstanding) – R$\n\n \n\n \n\n \n\n \n\nBasic\n\n23\n\n2.4027\n\n2.1438\n\n2.2272\n\nDiluted\n\n23\n\n2.3513\n\n2.1141\n\n2.2081\n\nEarnings per share from discontinued operations (based on the weighted average number of shares outstanding) – R$\n\n \n\n \n\n \n\n \n\nBasic\n\n23\n\n(0.1130\n\n)\n\n‐\n\n-\n\nDiluted\n\n23\n\n(0.1106\n\n)\n\n‐\n\n-\n\nTotal earnings per share (based on the weighted average number of shares outstanding) – R$\n\n \n\n \n\n \n\n \n\nBasic\n\n23\n\n2.2896\n\n2.1438\n\n2.2272\n\nDiluted\n\n23\n\n2.2407\n\n2.1141\n\n2.2081\n\nThe accompanying notes are an integral part of the financial statements.\n\nF-9\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n[**Consolidated\nstatements of \n\ncomprehensive income**](#TOC)\n\n**As of December 31, 2025 and 2024**\n\n*In thousands of Brazilian Reais)*\n\n \n\n \n\n \n\n \n\n \n\nNote\n\n \n\n2025\n\n2024\n\n2023\n\nNet income for the year, attributable to shareholders of Ultrapar\n\n \n\n \n\n2,453,853\n\n2,362,740\n\n2,439,795\n\nNet income for the year, attributable to non-controlling interests in subsidiaries\n\n \n\n \n\n88,055\n\n163,160\n\n77,958\n\nNet income for the year\n\n \n\n \n\n2,541,908\n\n2,525,900\n\n2,517,753\n\nItems that will be subsequently reclassified to profit or loss:\n\n \n\n \n\n \n\n \n\n \n\nFair value adjustments of financial instruments of subsidiaries, joint ventures and associates, net of income and social contribution taxes\n\n20.g\n\n117,760\n\n8,495\n\n(7,399\n\n)\n\nTranslation adjustments of subsidiaries\n\n20.g\n\n \n\n(78,712\n\n)\n\n36,134\n\n-\n\nItems that will not be subsequently reclassified to profit or loss:\n\n \n\n \n\n \n\n \n\n \n\nActuarial gains of post-employment benefits, net of income and social contribution taxes\n\n20.g\n\n \n\n3,865\n\n25,218\n\n(32,971\n\n)\n\nTotal comprehensive income for the year\n\n \n\n \n\n2,584,821\n\n2,595,747\n\n2,477,383\n\n Total comprehensive income for the year attributable to shareholders of Ultrapar\n\n \n\n \n\n2,462,996\n\n2,422,844\n\n2,413,929\n\n Total comprehensive income for the year attributable to non-controlling interests in subsidiaries\n\n \n\n \n\n121,825\n\n172,903\n\n63,454\n\n \n\nThe accompanying notes are an integral part of the financial statements.\n\nF-10\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n[Consolidated statements of changes in equity](#TOC)\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(In thousands of Brazilian Reais, except dividends per share)\n\nProfit reserves\n\nEquity attributable to:\n\nNote\n\nShare capital\n\nEquity instrument granted\n\nCapital reserve\n\nTreasury shares\n\nRevaluation reserve of subsidiaries\n\nLegal reserve\n\nInvestments statutory reserve\n\nAccumulated other comprehensive income\n\nRetained earnings\n\nAdditional dividends to the minimum mandatory dividends\n\nShareholders of Ultrapar\n\nNon-controlling interests (i)\n\nConsolidated\ntotal equity\n\nBalance as of December 31, 2022\n\n5,171,752\n\n43,987\n\n599,461\n\n(479,674\n\n)\n\n3,975\n\n882,575\n\n5,228,561\n\n179,974\n\n‐\n\n78,130\n\n11,708,741\n\n466,227\n\n12,174,968\n\nNet income for the year\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n2,439,795\n\n‐\n\n2,439,795\n\n77,958\n\n2,517,753\n\nOther comprehensive income\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(25,866\n\n)\n\n‐\n\n‐\n\n(25,866\n\n)\n\n(14,504\n\n)\n\n(40,370\n\n)\n\nTotal comprehensive income for the year\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(25,866\n\n)\n\n2,439,795\n\n‐\n\n2,413,929\n\n63,454\n\n2,477,383\n\nIssuance of shares related to the subscription warrants - indemnification\n\n-\n\n‐\n\n‐\n\n560\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n560\n\n‐\n\n560\n\nEquity instrument granted\n\n8.c; 20.b\n\n‐\n\n31,938\n\n(2,193\n\n)\n\n9,164\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n38,909\n\n‐\n\n38,909\n\nRealization of revaluation reserve of subsidiaries\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n(173\n\n)\n\n‐\n\n‐\n\n‐\n\n60\n\n‐\n\n(113\n\n)\n\n‐\n\n(113\n\n)\n\nCapital increase with reserves\n\n20.a\n\n1,450,000\n\n‐\n\n‐\n\n‐\n\n‐\n\n(882,575\n\n)\n\n(567,425\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\nShareholder transaction - changes of ownership interest\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n2\n\n‐\n\n‐\n\n‐\n\n2\n\n‐\n\n2\n\nLoss due to change in ownership interest\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(45\n\n)\n\n(45\n\n)\n\nDividends prescribed\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n2,048\n\n‐\n\n2,048\n\n‐\n\n2,048\n\nSpecial reserve for mandatory dividend not distributed to non-controlling shareholders\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(11,145\n\n)\n\n(11,145\n\n)\n\nNon-controlling interest in acquired subsidiary\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n24,303\n\n24,303\n\nAllocation of net income:\n\nLegal reserve\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n121,990\n\n‐\n\n‐\n\n(121,990\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\nInvestments statutory reserve\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n1,606,431\n\n‐\n\n(1,606,431\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\nAdditional minimum mandatory dividend (R$ 0.28 per share)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(305,653\n\n)\n\n‐\n\n(305,653\n\n)\n\n‐\n\n(305,653\n\n)\n\nAdditional dividends (R$ 0.12 per share)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(134,031\n\n)\n\n134,031\n\n‐\n\n‐\n\n‐\n\nDividends attributable to non-controlling interests\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(19,463\n\n)\n\n(19,463\n\n)\n\nApproval of additional dividends by the Ordinary General Shareholders’ Meeting\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(78,130\n\n)\n\n(78,130\n\n)\n\n‐\n\n(78,130\n\n)\n\nInterim dividends (R$ 0.25 per share)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(273,798\n\n)\n\n‐\n\n(273,798\n\n)\n\n‐\n\n(273,798\n\n)\n\nBalance as of December 31, 2023\n\n6,621,752\n\n75,925\n\n597,828\n\n(470,510\n\n)\n\n3,802\n\n121,990\n\n6,267,569\n\n154,108\n\n‐\n\n134,031\n\n13,506,495\n\n523,331\n\n14,029,826\n\nF-11\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\nConsolidated statements of changes in equity\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(In thousands of Brazilian Reais, except dividends per share)\n\nEquity attributable to:\n\nNote\n\nShare capital\n\nEquity instrument granted\n\nCapital reserve\n\nTreasury shares\n\nRevaluation reserve\n\nProfit reserves\n\nAccumulated other comprehensive income\n\nAcquisition of shares from shareholders\n\nRetained earnings\n\nShareholders of Ultrapar\n\nNon-controlling interests (i)\n\nConsolidated total equity\n\nBalance as of December 31, 2023\n\n6,621,752\n\n75,925\n\n597,828\n\n(470,510\n\n)\n\n3,802\n\n6,523,590\n\n154,108\n\n‐\n\n‐\n\n13,506,495\n\n523,331\n\n14,029,826\n\nNet income for the year\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n2,362,740\n\n2,362,740\n\n163,160\n\n2,525,900\n\nOther comprehensive income\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n60,104\n\n‐\n\n‐\n\n60,104\n\n9,743\n\n69,847\n\nTotal comprehensive income for the year\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n60,104\n\n‐\n\n2,362,740\n\n2,422,844\n\n172,903\n\n2,595,747\n\nIssuance of shares related to the subscription warrants - indemnification\n\n-\n\n‐\n\n‐\n\n6,452\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n6,452\n\n‐\n\n6,452\n\nEquity instrument granted\n\n8.d; 20.b\n\n‐\n\n32,328\n\n2,069\n\n23,055\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n57,452\n\n6\n\n57,458\n\nPurchase of treasury shares\n\n-\n\n‐\n\n‐\n\n‐\n\n(148,945\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(148,945\n\n)\n\n‐\n\n(148,945\n\n)\n\nRealization of revaluation reserve of subsidiaries\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n(170\n\n)\n\n‐\n\n‐\n\n‐\n\n170\n\n‐\n\n‐\n\n‐\n\nSetting up of reserves\n\n20.a\n\n‐\n\n‐\n\n5,699\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n5,699\n\n(36\n\n)\n\n5,663\n\nShareholder transaction - changes of ownership interest\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n534\n\n534\n\n309\n\n843\n\nDividends prescribed\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n3,369\n\n3,369\n\n‐\n\n3,369\n\nNon-controlling interest in acquired subsidiary\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n112,160\n\n112,160\n\nAllocation of net income:\n\nLegal reserve\n\n20.f\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n118,137\n\n‐\n\n‐\n\n(118,137\n\n)\n\n‐\n\n‐\n\n‐\n\nInvestments statutory reserve\n\n20.f\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n1,479,404\n\n‐\n\n‐\n\n(1,479,404\n\n)\n\n-\n\n‐\n\n-\n\nAdditional minimum mandatory dividend for the year (R$ 0.26 per share)\n\n20.h\n\n-\n\n-\n\n-\n\n-\n\n-\n\n-\n\n-\n\n-\n\n(285,180\n\n)\n\n(285,180\n\n)\n\n-\n\n(285,180\n\n)\n\nAdditional dividends (R$ 0.19 per share)\n\n20.f\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n208,121\n\n‐\n\n‐\n\n(208,121\n\n)\n\n‐\n\n‐\n\n‐\n\nInterest on equity attributable to non-controlling interests\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(105,590\n\n)\n\n(105,590\n\n)\n\nDividends attributable to non-controlling interests\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(38,357\n\n)\n\n(38,357\n\n)\n\nInterim dividends (R$ 0.25 per share)\n\n20.h\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(275,971\n\n)\n\n(275,971\n\n)\n\n‐\n\n(275,971\n\n)\n\nApproval of additional dividends by the Ordinary General Shareholders’ Meeting\n\n20.h\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(134,031\n\n)\n\n‐\n\n‐\n\n‐\n\n(134,031\n\n)\n\n‐\n\n(134,031\n\n)\n\nBalance as of December 31, 2024\n\n6,621,752\n\n108,253\n\n612,048\n\n(596,400\n\n)\n\n3,632\n\n8,195,221\n\n214,212\n\n‐\n\n‐\n\n15,158,718\n\n664,726\n\n15,823,444\n\nF-12\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\nConsolidated statements of changes in equity\n\nFor the years ended December 31, 2025, 2024 and 2023\n\n(In thousands of Brazilian Reais, except dividends per share)\n\nEquity attributable to:\n\n**Note**\n**Share capital**\n\n**Equity instrument granted**\n\n**Capital reserve**\n\n**Treasury shares**\n\n**Revaluation reserve**\n\n**Profit reserves**\n\n**Accumulated other comprehensive income**\n\n**Acquisition of shares from shareholders**\n\n**Retained earnings**\n\n**Shareholders of Ultrapar**\n\n**Non-controlling interests (i)**\n\n**Consolidated total equity**\n\nBalance as of December 31, 2024\n\n**6,621,752**\n\n**108,253**\n\n**612,048**\n\n**(596,400**\n)\n\n**3,632**\n\n**8,195,221**\n\n**214,212**\n\n-\n\n-\n\n**15,158,718**\n\n**664,726**\n\n**15,823,444**\n\nNet income for the year\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n2,453,853\n\n2,453,853\n\n88,055\n\n2,541,908\n\nOther comprehensive income\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n9,143\n\n‐\n\n‐\n\n9,143\n\n33,770\n\n42,913\n\nTotal comprehensive income for the year\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n9,143\n\n‐\n\n2,453,853\n\n2,462,996\n\n121,825\n\n2,584,821\n\nIssuance of shares related to the subscription warrants - indemnification\n\n‐\n\n‐\n\n7,863\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n7,863\n\n‐\n\n7,863\n\nEquity instrument granted\n\n8.d; 20.b\n\n‐\n\n36,441\n\n(7,351\n\n)\n\n40,828\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n69,918\n\n(1,563\n\n)\n\n68,355\n\nPurchase of treasury shares\n\n20.c\n\n‐\n\n‐\n\n‐\n\n(266,954\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(266,954\n\n)\n\n‐\n\n(266,954\n\n)\n\nRealization of revaluation reserve\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n(156\n\n)\n\n‐\n\n‐\n\n‐\n\n156\n\n‐\n\n‐\n\n‐\n\nCapital increase with reserves\n\n20.a\n\n1,365,348\n\n‐\n\n‐\n\n‐\n\n‐\n\n(1,365,348\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\nCapital increase of non-controlling shareholders\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n12,184\n\n12,184\n\nShareholder transaction\n\n27.b\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(149,239\n\n)\n\n(45\n\n)\n\n(149,284\n\n)\n\n‐\n\n(149,284\n\n)\n\nSetting up of reserves\n\n20.d\n\n‐\n\n‐\n\n4,449\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n4,449\n\n‐\n\n4,449\n\nNon-controlling interest in the equity of acquired subsidiary – Hidrovias\n\n27.b\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n1,658,270\n\n1,658,270\n\nVariation in change of ownership interest of non-controlling shareholders\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(190,462\n\n)\n\n(190,462\n\n)\n\nNon-controlling interest in the equity of acquired subsidiary\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n45,633\n\n45,633\n\nPayment of dividends for the prior year\n\n20.h\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(208,121\n\n)\n\n‐\n\n‐\n\n‐\n\n(208,121\n\n)\n\n‐\n\n(208,121\n\n)\n\nAllocation of net income:\n\nLegal reserve\n\n20.f\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n122,692\n\n‐\n\n‐\n\n(122,692\n\n)\n\n‐\n\n-\n\n-\n\nInvestments statutory reserve\n\n20.f\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n917,959\n\n‐\n\n‐\n\n(917,959\n\n)\n\n‐\n\n-\n\n-\n\nMinimum mandatory dividends for the year\n\n20.h\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\n‐\n\n‐\n\n(582,790\n\n)\n\n(582,790\n\n)\n\n-\n\n(582,790\n\n)\n\nAdditional dividends to the minimum mandatory dividends\n\n20.h\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\n‐\n\n‐\n\n(830,523\n\n)\n\n(830,523\n\n)\n\n-\n\n(830,523\n\n)\n\nDividends and interest on equity attributable to non-controlling interests\n\n-\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(246,268\n\n)\n\n(246,268\n\n)\n\nBalance as of December 31, 2025\n\n7,987,100\n\n144,694\n\n617,009\n\n(822,526\n\n)\n\n3,476\n\n7,662,403\n\n223,355\n\n(149,239\n\n)\n\n-\n\n15,666,272\n\n2,064,345\n\n17,730,617\n\n(i)\nAre substantially represented by non-controlling shareholders of Iconic and Hidrovias.\n\nThe accompanying notes are an integral part of the financial statements.\n\nF-13\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n[**Consolidated\nstatements of cash flows – indirect method**](#TOC)\n\n**As of December 31, 2025 and 2024**\n\n*In thousands of Brazilian Reais)*\n\n \n\n \n\n \n\n \n\n \n\nNote\n\n2025\n\n2024\n\n2023\n\nCASH FLOWS FROM CONTINUING OPERATING ACTIVITIES\n\n \n\n \n\n \n\n \n\nNet income from continuing operations\n\n \n\n2,748,220\n\n2,525,900\n\n2,517,753\n\nAdjustments to reconcile net income to cash provided (consumed) by operating activities\n\n \n\n \n\n \n\n \n\nShare of profit (loss) of subsidiaries, joint ventures and associates and amortization of fair value adjustments on associates acquisition\n\n11\n\n157,610\n\n129,675\n\n(11,908\n\n)\n\nAmortization of contractual assets with customers - exclusivity rights\n\n10\n\n469,766\n\n555,083\n\n607,446\n\nAmortization of right-of-use assets\n\n12\n\n367,129\n\n312,060\n\n305,900\n\nDepreciation and amortization\n\n13; 14\n\n1,219,034\n\n900,673\n\n848,894\n\nInterest, monetary variations and foreign exchange variations\n\n \n\n1,472,633\n\n1,557,814\n\n1,349,953\n\nCurrent and deferred income and social contribution taxes\n\n9.b\n\n1,063,689\n\n1,485,617\n\n1,060,942\n\nGain (loss) on disposal or write-off of assets\n\n \n\n(110,259\n\n)\n\n(207,076\n\n)\n\n(192,744\n\n)\n\nEquity instrument granted \n\n \n\n40,564\n\n57,458\n\n38,909\n\nGain (loss) on the fair value of energy contracts\n\n \n\n(71,121\n\n)\n\n(64,287\n\n)\n\n‐\n\nProvision for decarbonization - CBIO\n\n \n\n370,823\n\n584,371\n\n740,298\n\nRevaluation of investment in associates\n\n27.b\n\n(91,105\n\n)\n\n‐\n\n-\n\nProvisions for tax, civil and labor risks\n\n \n\n(103,901\n\n)\n\n(4,708\n\n)\n\n192,975\n\nOther provisions and adjustments\n\n \n\n(18,431\n\n)\n\n(11,361\n\n)\n\n(45,175\n\n)\n\n \n\n \n\n7,514,651\n\n7,821,219\n\n7,413,243\n\n(Increase) decrease in assets\n\n \n\n \n\n \n\n \n\nTrade receivables and reseller financing\n\n5\n\n(185,611\n\n)\n\n180,339\n\n259,878\n\nInventories\n\n6\n\n(151,282\n\n)\n\n371,244\n\n645,301\n\nRecoverable taxes\n\n \n\n(171,126\n\n)\n\n(585,254\n\n)\n\n(309,322\n\n)\n\nDividends received from subsidiaries, associates and joint ventures\n\n \n\n11,141\n\n2,028\n\n12,041\n\nOther assets\n\n \n\n167,931\n\n(114,528\n\n)\n\n(87,797\n\n)\n\nIncrease (decrease) in liabilities\n\n \n\n \n\n \n\n \n\nTrade payables and trade payables - reverse factoring\n\n16\n\n(31,818\n\n)\n\n(1,209,636\n\n)\n\n(1,700,496\n\n)\n\nSalaries and related charges\n\n \n\n47,615\n\n(17,019\n\n)\n\n30,965\n\nTaxes payable\n\n \n\n8,963\n\n(23,512\n\n)\n\n(25,027\n\n)\n\nIncome and social contribution taxes payable\n\n \n\n(949,442\n\n)\n\n(1,057,460\n\n)\n\n(892,118)\n\nOther liabilities\n\n \n\n189,931\n\n(160,331\n\n)\n\n218,523\n\nAcquisition of CBIO and carbon credits\n\n14\n\n(370,501\n\n)\n\n(713,453\n\n)\n\n(778,885\n\n)\n\nPayments of contractual assets with customers - exclusivity rights\n\n10\n\n(455,567\n\n)\n\n(418,250\n\n)\n\n(597,798)\n\nPayment of contingencies\n\n \n\n(78,537\n\n)\n\n(30,896\n\n)\n\n(70,128\n\n)\n\nIncome and social contribution taxes paid\n\n \n\n(124,077\n\n)\n\n(308,915\n\n)\n\n(268,558\n\n)\n\nNet cash provided by continuing operating activities\n\n \n\n5,422,271\n\n3,735,576\n\n3,849,822\n\nNet cash provided by discontinued operating activities\n\n \n\n30,231\n\n-\n\n-\n\nNet cash provided by operating activities\n\n \n\n5,452,502\n\n3,735,576\n\n3,849,822\n\nCASH FLOWS FROM INVESTING ACTIVITIES\n\n \n\n \n\n \n\n \n\nFinancial investments, net of redemptions\n\n4.b\n\n(1,510,857\n\n)\n\n(4,202,032\n\n)\n\n73,973\n\nAcquisition of property, plant and equipment and intangible assets\n\n13; 14\n\n(2,005,243\n\n)\n\n(1,787,175\n\n)\n\n(1,287,330\n\n)\n\nSale of investments and other assets\n\n \n\n429,283\n\n1,386,252\n\n512,827\n\nAcquisition of investments and other assets\n\n \n\n(937,457\n\n)\n\n(1,785,517\n\n)\n\n(324,125\n\n)\n\nCash acquired in business combination\n\n \n\n1,213,510\n\n522\n\n3,100\n\nNet cash consumed by continuing investing activities\n\n \n\n(2,810,764\n\n)\n\n(6,387,950\n\n)\n\n(1,021,555\n\n)\n\nNet cash consumed by discontinued investing activities\n\n \n\n(34,948\n\n)\n\n-\n\n-\n\nNet cash consumed by investing activities\n\n \n\n(2,845,712\n\n)\n\n(6,387,950\n\n)\n\n(1,021,555\n\n)\n\nCASH FLOWS FROM FINANCING ACTIVITIES\n\n \n\n \n\n \n\n \n\nLoans, financing and debentures\n\n \n\n \n\n \n\n \n\nProceeds\n\n15\n\n8,669,139\n\n4,179,974\n\n2,903,031\n\nRepayments\n\n15\n\n(5,134,131\n\n)\n\n(2,718,953\n\n)\n\n(3,149,525\n\n)\n\nInterest and derivatives (paid) or received\n\n \n\n(1,899,251\n\n)\n\n(1,117,562\n\n)\n\n(1,267,447\n\n)\n\nPayments of lease\n\n \n\n \n\n \n\n \n\nPrincipal and interest paid\n\n12.b\n\n        (480,722\n\n)\n\n       (433,488\n\n)\n\n(359,113\n\n)\n\nDividends paid\n\n \n\n(2,172,132\n\n)\n\n(833,658\n\n)\n\n(400,025\n\n)\n\nProceeds from financial liabilities of customers\n\n \n\n-\n\n-\n\n7,812\n\nPayments of financial liabilities of customers\n\n \n\n(123,122\n\n)\n\n(159,897\n\n)\n\n(197,891\n\n)\n\nCapital increase made by non-controlling shareholders and redemption of shares\n\n \n\n(12,300\n\n)\n\n13,500\n\n-\n\nRepurchase of treasury shares\n\n \n\n(266,954\n\n)\n\n(148,945\n\n)\n\n-\n\nRelated parties\n\n \n\n(43,521\n\n)\n\n(15,073\n\n)\n\n(31,238\n\n)\n\nNet cash consumed by continuing financing activities\n\n \n\n(1,462,994\n\n)\n\n(1,234,102\n\n)\n\n(2,494,396\n\n)\n\nNet cash consumed by discontinued financing activities\n\n \n\n(6,596\n\n)\n\n-\n\n-\n\nNet cash consumed by financing activities\n\n \n\n(1,469,590\n\n)\n\n(1,234,102\n\n)\n\n(2,494,396\n\n)\n\nEffect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations\n\n \n\n(44,981\n\n)\n\n32,381\n\n(29,952\n\n)\n\nIncrease (decrease) in cash and cash equivalents - continuing operations\n\n \n\n1,103,532\n\n(3,854,095\n\n)\n\n303,919\n\nIncrease (decrease) in cash and cash equivalents - discontinued operations\n\n \n\n(11,313\n\n)\n\n-\n\n-\n\nCash and cash equivalents at the beginning of the year - continuing operations\n\n4.a\n\n2,071,593\n\n5,925,688\n\n5,621,769\n\nCash and cash equivalents at the beginning of the year - discontinued operations\n\n \n\n11,313\n\n-\n\n-\n\nCash and cash equivalents at the end of the year - continuing operations\n\n4.a\n\n3,175,125\n\n2,071,593\n\n5,925,688\n\nNon-cash transactions:\n\n \n\n \n\n \n\n \n\nAddition and remeasurement on right-of-use assets and leases payable\n\n12\n\n400,758\n\n342,332\n\n257,201\n\nAddition on contractual assets with customers - exclusivity rights\n\n10\n\n67,393\n\n5,627\n\n66,565\n\nReclassification between financial assets and investment in associates\n\n \n\n‐\n\n645,333\n\n-\n\nIssuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition\n\n \n\n‐\n\n6,452\n\n411\n\nAcquisition of property, plant and equipment and intangible assets without cash effect\n\n \n\n23,478\n\n42,180\n\n104,177\n\n \n\nThe accompanying notes are an integral part of the financial statements.\n\nF-14\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n[**Notes to the financial****st****atements**](#TOC)\n\n**For the year ended December 31, 2025**\n\n \n\n[1. Operations](#TOC)\n\nUltrapar Participações S.A. (“Ultrapar” or “Company”) is a publicly-traded company headquartered at the Brigadeiro Luís Antônio Avenue, 1343 in the city of São Paulo – SP, Brazil, listed on B3 S.A. – Brasil, Bolsa, Balcão (“B3”), in the Novo Mercado listing segment under the ticker “UGPA3” and on the New York Stock Exchange (“NYSE”) in the form of level III American Depositary Receipts (“ADRs”) under the ticker “UGP”.\n\nThe Company engages in the investment of its own capital in services, commercial and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates on liquefied petroleum gas distribution and other energies (“Ultragaz”), fuel distribution and related businesses (“Ipiranga” or “IPP”), storage services for liquid bulk (“Ultracargo”) and logistics and waterway and multimodal infrastructure (“Hidrovias”). The information on segments is disclosed in Note 24.\n\nThese financial statements were authorized for issuance by the Management on April 28, 2026.\n\n[a. Principles of consolidation and interest in subsidiaries](#TOC)\n\n[a.1 Principles of consolidation](#TOC)\n\nIn the preparation of the consolidated financial statements the investments of one company in another, balances of asset and liability accounts, revenue transactions, costs and expenses were eliminated, as well as the effects of transactions conducted between the companies. Non-controlling interests in subsidiaries are presented within consolidated equity and net income.\n\nConsolidation of a subsidiary begins when the Company obtains direct or indirect control over an entity and ceases when the company loses control. Income and expenses of a subsidiary acquired are included in the consolidated statements of income and of comprehensive income from the date the Company gains control. Income and expenses of a subsidiary, in which the Company loses control, are included in the consolidated statements of income and of comprehensive income until the date the Company loses control.\n\nWhen necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies.\n\nF-15\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\na.2 Interest in subsidiaries\n\nThe consolidated financial statements include the following direct and indirect subsidiaries:\n\nInterest % roudend\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nControl\n\nControl\n\nControl\n\nLocation\n\nSegment\n\nDirect\n\nIndirect\n\nDirect\n\nIndirect\n\nDirect\n\nIndirect\n\nUltra Mobilidade S.A. (1)\n\nBrazil\n\nIpiranga\n\n100\n\n-\n\n100\n\n-\n\n100\n\n-\n\nCentro de Conveniências Millennium Ltda. and subsidiaries (2)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n100\n\n-\n\n100\n\nam/pm Comestíveis Ltda. (3)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nGlazed Brasil S.A. (“Krispy Kreme”)\n\nBrazil\n\nIpiranga\n\n-\n\n55\n\n-\n\n-\n\n-\n\n-\n\nCentro de Conveniências Millennium Ltda. and subsidiaries (2)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nNeodiesel Ltda.(13)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n-\n\nSerra Diesel Transportador Revendedor Retalhista Ltda.(14)\n\nBrazil\n\nIpiranga\n\n-\n\n60\n\n-\n\n60\n\n-\n\n60\n\nNeoagro Diesel S.A. (4)\n\nBrazil\n\nIpiranga\n\n-\n\n60\n\n-\n\n-\n\n-\n\n-\n\nMi TRR Transportadora Retalhista e Revendedora de Combustíveis S.A. (5)\n\nBrazil\n\nIpiranga\n\n-\n\n51\n\n-\n\n-\n\n-\n\n-\n\nPetrovila Combustíveis S.A. (6)\n\nBrazil\n\nIpiranga\n\n-\n\n60\n\n-\n\n-\n\n-\n\n-\n\nIpiranga Produtos de Petróleo S.A.(15)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n100\n\n-\n\nam/pm Comestíveis Ltda. (3)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n100\n\n-\n\n100\n\nGlazed Brasil S.A. (“Krispy Kreme”)(16)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n55\n\n-\n\n-\n\nIpiranga Trading Limited\n\nBritish Virgin Islands\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nIpiranga Imobiliária Ltda.\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nIpiranga Logística Ltda.\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nOil Trading Importadora e Exportadora Ltda.\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nIconic Lubrificantes S.A.\n\nBrazil\n\nIpiranga\n\n-\n\n56\n\n-\n\n56\n\n-\n\n56\n\nIntegra Frotas Ltda.\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nIcorban – Correspondente bancário Ltda.(17)\n\nBrazil\nIpiranga\n\n-\n\n-\n\n-\n\n-\n\n-\n\n100\n\nTropical TransportesIpiranga Ltda. (18)\n\nBrazil\nIpiranga\n\n-\n\n-\n\n-\n\n-\n\n-\n\n100\n\nIrupé Biocombustíveis Ltda.\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nIpiranga Trading North America LLC.(19)\n\nUnited States\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n-\n\nIpiranga Trading Middle East DMCC\n\nDubai\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n-\n\nIpiranga Trading Europe S.A.(19)\n\nSwitzerland\n\nIpiranga\n\n-\n\n100\n\n-\n\n100\n\n-\n\n-\n\nEaí Clube Automobilista S.A. (7)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n100\n\n100\n\n-\n\nAbastece Aí Participações S.A. (8)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n100\n\n-\n\n100\n\nAbastece Aí Clube Automobilista Instituição de Pagamento Ltda. (8)\n\nBrazil\n\nIpiranga\n\n-\n\n-\n\n-\n\n100\n\n-\n\n100\n\nAbastece Aí Participações S.A. (8)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nAbastece Aí Clube Automobilista Instituição de Pagamento Ltda. (8)\n\nBrazil\n\nIpiranga\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nCompanhia Ultragaz S.A.\n\nBrazil\n\nUltragaz\n\n99\n\n-\n\n99\n\n-\n\n-\n\n99\n\nUltragaz Participações Ltda.(20)\n\nBrazil\nUltragaz\n\n-\n\n-\n\n-\n\n-\n\n100\n\n-\n\nUltragaz Energia Ltda. and subsidiaries\n\nBrazil\n\nUltragaz\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nNova Paraná Distribuidora de Gás Ltda.\n\nBrazil\n\nUltragaz\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nUtingás Armazenadora S.A.\n\nBrazil\n\nUltragaz\n\n-\n\n57\n\n-\n\n57\n\n-\n\n57\n\nBahiana Distribuidora de Gás Ltda.\n\nBrazil\n\nUltragaz\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nNEOgás do Brasil Gás Natural Comprimido S.A.\n\nBrazil\n\nUltragaz\n\n-\n\n100\n\n-\n\n100\n\n-\n\n100\n\nWTZ Participações S.A. (9)\n\nBrazil\n\nUltragaz\n\n-\n\n-\n\n-\n\n52\n\n-\n\n-\n\nUltragaz Comercializadora de Energia Ltda. (9)\n\nBrazil\n\nUltragaz\n\n-\n\n52\n\n-\n\n-\n\n-\n\n-\n\nUltragaz Energia e Corretagem de Seguros Ltda. (9)\n\nBrazil\n\nUltragaz\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nUVC Investimentos Ltda.\n\nBrazil\n\nOthers\n\n100\n\n-\n\n100\n\n-\n\n100\n\n-\n\nUVC - Fundo de investimento em participações multiestratégia investimento no exterior (21)\n\nBrazil\nOthers\n\n-\n\n-\n\n-\n\n-\n\n-\n\n100\n\nUltra Logística Ltda.(22)\n\nBrazil\n\nHidrovias\n\n100\n\n-\n\n100\n\n-\n\n100\n\n-\n\nHidrovias do Brasil S.A. (10)\n\nBrazil\n\nHidrovias\n\n-\n\n59\n\n-\n\n-\n\n-\n\n-\n\nHidrovias do Brasil – Vila do Conde S.A.\n\nBrazil\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias do Brasil – Cabotagem Ltda. (11)\n\nBrazil\n\nHidrovias\n\n-\n\n-\n\n-\n\n-\n\n-\n\n-\n\nHidrovias do Brasil – Administração Portuária de Santos S.A.\n\nBrazil\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias del Sur S.A.\n\nUruguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nBaloto S.A.\n\nUruguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nGirocantex S.A.\n\nUruguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nCikelsol S.A.\n\nUruguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nResflir S.A.\n\nUruguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias del Paraguay S.A.\n\nParaguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nPricolpar S.A.\n\nParaguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias Navegación Fluvial S.A.\n\nParaguay\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias South America BV\n\nNetherlands\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nHidrovias International Finance S.à.r.l.\n\nLuxembourg\n\nHidrovias\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nUltracargo Logística S.A. (12)\n\nBrazil\n\nUltracargo\n\n-\n\n-\n\n-\n\n99\n\n-\n\n99\n\nUltracargo Soluções Logísticas S.A.\n\nBrazil\n\nUltracargo\n\n-\n\n-\n\n-\n\n100\n\n-\n\n100\n\nUltracargo Logística S.A. (12)\n\nBrazil\n\nUltracargo\n\n99\n\n-\n\n-\n\n-\n\n-\n\n-\n\nUltracargo Soluções Logísticas S.A.\n\nBrazil\n\nUltracargo\n\n-\n\n100\n\n-\n\n-\n\n-\n\n-\n\nUltrapar International S.A.\n\nLuxembourg\n\nOthers\n\n100\n\n-\n\n100\n\n-\n\n100\n\n-\n\nImaven Imóveis Ltda.\n\nBrazil\n\nOthers\n\n100\n\n-\n\n100\n\n-\n\n100\n\n-\n\nEaí Clube Automobilista S.A.(7)\n\nBrazil\n\nOthers\n\n100\n\n-\n\n-\n\n-\n\n-\n\n-\n\nF-16\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n(1)\nOn January 2, 2025, the name of subsidiary Ultrapar Mobilidade Ltda. was changed to Ultra Mobilidade S.A.\n\n(2)\nIn January, 2025, indirect subsidiary Centro de Conveniências Millenium and subsidiaries started being directly controlled by am/pm Comestíveis Ltda.\n\n(3)\nIn January, 2025, indirect subsidiary am/pm Comestíveis Ltda. started being directly controlled by Ultra Mobilidade S.A.\n\n(4)\nCompany established on May 5, 2025, engaged in the wholesale trade of fuel carried out by carrier-reseller-retailer (TRR).\n\n(5)\nIn July 2025, subsidiary Neodiesel Ltda. became the controlling shareholder of Mi TRR Transportadora retalhista e revendedora de combustíveis S.A. (“Mi TRR”).\n\n(6)\nIn December 2025, subsidiary Neodiesel acquired a 60% interest in Petrovila Combustíveis S.A. (“Petrovila”).\n\n(7)\nOn January 2, 2024, direct subsidiary Eaí Clube Automobilista S.A. started to be controlled by Ipiranga. In December 2025, indirect subsidiary Eaí Clube Automobilista S.A. started to be directly controlled by Ultrapar.\n\n(8)\nIn December 2025, indirect subsidiaries Abastece Aí Participações and Abastece Aí Clube Automobilista Instituição de Pagamento started to be directly controlled by Ipiranga.\n\n(9)\nOn September 1, 2024, the Company, through its subsidiary Companhia Ultragaz S.A., acquired a 52% interest in Wtz Participações S.A. In August 2025, WTZ Participações S.A. was merged into Ultragaz Comercializadora de Energia Ltda., formerly Exponencial Energia Ltda. In July 2025, Ultragaz Energia e Corretagem started being controlled by Ultragaz Comercializadora de Energia Ltda.\n\n(10)\nIn May 2025, subsidiary Ultra Logística Ltda. became the controlling shareholder of Hidrovias. For further details, see Note 27.b.\n\n(11)\nThe information on Hidrovias do Brasil – Cabotagem is presented as Discontinued Operation according to Note 28.\n\n(12)\nIn January 2025, indirect subsidiary Ultracargo Logística S.A started being directly controlled by Ultrapar.\n\n(13)\nCompany established on May 16, 2024 with the purpose of holding interests in other companies.\n\n(14)\nOn May 21, 2023, the Company, through its subsidiary Ultrapar Empreendimentos Ltda., signed an agreement for the acquisition of a 60% interest in Serra Diesel Transportador Revendedor Retalhista Ltda. The closing of the transaction occurred on September 1, 2023.\n\n(15)\nOn January 2, 2024, direct subsidiary Ipiranga Produtos de Petróleo S.A. (“Ipiranga”) became controlled by Ultrapar Mobilidade Ltda.\n\n(16)\nCompany (“Krispy Kreme”) established on March 8, 2024, engaged in the wholesale and retail trade, manufacture, storage, export and import of natural and industrialized food products.\n\n(17)\nOn August 1, 2024, the merger of the company into\nIpiranga was approved.\n\n(18)\nOn\nNovember 1, 2024, the merger of the company into Ipiranga was approved.\n\n(19)\n\nCompanies\nestablished as Ipiranga’s subsidiaries in foreign countries (Ipiranga Trading\nNorth America LLC. established on February 28, 2024, Ipiranga Trading Europe\nS.A. established on January 12, 2024), engaged in the commercial\nrepresentation, trade, export and import of fuels.\n\n(20)\nOn August 1, 2024, the merger of the company into\nCompanhia Ultragaz S.A. was approved, which became direct subsidiary of\nUltrapar.\n\n(21)\nOn December 10, 2024, the Company transferred your\ntotal shares to UVC Investimentos Ltda.\n\n(22)\nOn February 19, 2024, the\nname of subsidiary Ultracargo Operações Logísticas e Participações Ltda. was\nchanged to Ultrapar Logística Ltda. On April 30, 2025, the name of subsidiary\nUltrapar Logística Ltda. was changed to Ultra Logística Ltda.\n\nb. Main events that occurred in the year\n\nb.1 Acquisition of significant ownership interest in Hidrovias\n\nOn May 8, 2025, the Company, through its subsidiary Ultra Logística, acquired additional shares in Hidrovias do Brasil S.A. (“Hidrovias”), becoming the controlling shareholder. As of December 31, 2025, the ownership interest in this investee’s share capital was 58.72% (41.94% as of December 31, 2024). For further information, see Note 27.b.\n\nF-17\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[2. Basis of preparation and presentation of consolidated financial statements](#TOC)\n\nThe consolidated financial statements (“financial statements”), identified as Parent and Consolidated, have been prepared in accordance with the International Financial Reporting Standards (“IFRS Accounting Standards”) issued by the International Accounting Standards Board (“IASB”).\n\nThe financial statements were prepared and are presented:\n\na.\nusing consistent accounting policies and practices for Ultrapar and in its subsidiaries in all the years presented in these financial statements\n\nb.\nin thousands of Brazilian Reais (“R$”), which is the Company’s functional currency, unless otherwise stated. The functional currency of Hidrovias’ subsidiaries in Uruguay, Paraguay, the Netherlands and Luxembourg is the U.S. dollar. The effects of translating the functional currency of foreign subsidiaries to Real are accounted for in equity as “Other comprehensive income”.\n\nThe financial information of foreign subsidiaries (Paraguay, Uruguay, Luxembourg and the Netherlands) is presented in Reais, translating the functional currency to the presentation currency, according to the following procedures:\n\n• Assets and liabilities were translated using the closing rate at the reporting date;\n\n• Equity was translated at historical cost; and\n\n• Income and expenses were translated using the average monthly rate.\n\nc.\n\nconsidering all relevant proprietary information, which has been disclosed and corresponds to that used by the Company’s and its subsidiaries’ Management.\n\nd.\n\naccording to Management’s judgments, estimates, and assumptions in the application of accounting policies that affect the reported amounts of income, expenses, assets, and liabilities, including contingent liabilities. The uncertainty related to these judgments, assumptions and estimates could lead to results that require a significant adjustment to the carrying amount of certain assets and liabilities in future years.\n\ne.\n\nbased on the historical cost, except for the following material items recognized in the statements of financial position:\n\n(i) Financial investments measured at fair value;\n\n(ii) derivative and non-derivative financial instruments measured at fair value;\n\n(iii) loans and financing measured at fair value;\n\n(iv) future energy contracts measured at fair value;\n\n(v) share-based payments and employee benefits measured at fair value; and\n\n(vi) deemed cost of property, plant and equipment.\n\nF-18\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nMaterial accounting policies\n\nThe financial statements were prepared using consistent accounting policies and practices on Ultrapar and its subsidiaries.\n\nAccounting policies are presented in their respective notes, except for those described below:\n\na. Foreign currency transactions\n\nForeign currency transactions carried out by the Company and its subsidiaries are remeasured into their functional currency at the exchange rate prevailing on the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate on the date of the financial statements. The effect of the difference between those exchange rates is recognized in financial results until the conclusion of each transaction.\n\nb. Basis for translation of financial statements of foreign subsidiaries\n\nb.1 Foreing subsidiaries without administrative authority\n\nThe Company has foreign subsidiaries without administrative authority. Assets and liabilities of the other foreign subsidiaries, which do not have administrative authority, are considered an extension of the activities of their parent company and are translated using the exchange rate at the date of the financial statements. Gains and losses resulting from changes in these foreign investments may be recognized as financial result or equity, depending on the subsidiary’s functional currency.\n\nc. Use of estimates, assumptions and judgments\n\nThe preparation of the financial statements requires the use of estimates, assumptions, and judgments for the accounting and disclosure of certain assets, liabilities, and profit or loss. Therefore, the management of the company and its subsidiaries uses the best information available as of the date of preparation of the financial statements, as well as the experience of past and current events, also considering assumptions regarding future events. The estimates and assumptions are reviewed periodically.\n\nc.1 Judgments\n\nInformation on the judgments is included in: the determination of control in subsidiaries, the determination of joint control in joint ventures, and the determination of significant influence in associates (Note 11).\n\nc.2 Uncertainties related to the assumptions and estimates\n\nThe information regarding uncertainties related to the assumptions and estimates are included in: determining the fair value of financial instruments including derivatives (Notes 4, 15 and 25), the determination of the loss allowance for expected credit losses (Note 5), the determination of provisions for losses on inventories (Note 6), the estimates of realization of deferred IRPJ and CSLL amounts (Note 9), realization amount of tax recoverable (Note 7), the useful lives and discount rate of right-of-use assets (Note 12), the useful lives of property, plant and equipment (Note 13), the useful lives of intangible assets and recoverable value of assets, including goodwill (Note 14), provisions for tax, civil, and labor risks (Note 18), estimates for the preparation of actuarial reports (Note 17), determination of fair value of subscription warrants – indemnification (Notes 19 and 25), and definition of fair value of the contingent consideration set for the business combination (Note 27). The actual result of the transactions and information may differ from their estimates.\n\nF-19\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nd. Impairment of property, plant and equipment and intangible assets, including goodwill\n\nThe Company and its subsidiaries review the existence of indications of impairment of property, plant and equipment and intangible assets on a quarterly basis. For intangible assets with an indefinite useful life the review is done annually or more frequently when there is an indication that such assets might be impaired. If there is an indication of impairment, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that cannot be evaluated individually are grouped in the smallest group of assets that generate cash inflow from continuous use and that are largely independent of cash flows of other assets (cash generating units “CGU”). The identified CGUs for the evaluation of impairment are similar to reported segments in financial statements. The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling expenses and their value in use.\n\nThe fair value less costs to sell is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs, and taxes.\n\nTo assess the value in use, the projections of future cash flows, trends, and outlooks, as well as the effects of obsolescence, demand, competition, and other economic factors were considered. Such cash flows are discounted to their present values using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, an impairment loss is recognized for the amount by which the carrying amount exceeds the fair value of these assets in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses are reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.\n\nAs of December 31, 2025, the Company, through its subsidiary Ultragaz, recorded impairment loss in the amount of R$ 51,100, related to the goodwill of Stella, recognized in indirect subsidiary Ultragaz Energia Ltda., as per Note 14. As of December 31, 2024, and 2023 the Company and its subsidiaries did not record any impairment loss of assets.\n\ne. Other assets\n\nOther assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary variations and foreign exchange variations incurred, less the provisions for losses and, if applicable, adjusted to present value.\n\nf. Other liabilities\n\nOther liabilities are stated at known or measurable amounts, including monetary variations and foreign exchange variations incurred. When applicable, other liabilities are recognized at present value, based on interest rates that reflect the term, currency, and risk of each transaction.\n\ng. Statements of cash flows\n\nThe Company and its subsidiaries present the interest paid on loans, financing, debentures, and leases payable in financing activities financial investments, net of redemptions, are presented in investing activities; and dividends received in operating activities.\n\nF-20\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nReclassifications\n\nWith the objective of increasing transparency of derivative financial instrument balances, enabling verification of the amounts in the statement of financial position and providing greater comparability between the years presented, we carried out reclassifications between line items as shown below:\n\nPublished\n\nReclassified\n\n2024\n\nReclassification\n\n2024\n\nCurrent assets (i)\n\nFinancial investments, derivative instruments and other financial assets\n\n2,553,011\n\n(2,553,011\n\n)\n\n-\n\nFinancial investments and other financial assets\n\n-\n\n2,306,927\n\n2,306,927\n\nDerivative financial instruments\n\n-\n\n246,084\n\n246,084\n\n2,553,011\n\n-\n\n2,553,011\n\nNon-current assets (i)\n\nFinancial investments, derivative instruments and other financial assets\n\n3,407,080\n\n(3,407,080\n\n)\n\n-\n\nFinancial investments and other financial assets\n\n-\n\n2,819,179\n\n2,819,179\n\nDerivative financial instruments\n\n-\n\n585,294\n\n585,294\n\nOther receivables and other assets\n\n114,469\n\n2,607\n\n117,076\n\n3,521,549\n\n-\n\n3,521,549\n\nPublished\n\nReclassified\n\n2024\n\nReclassification\n\n2024\n\nCurrent liabilities (ii)\n\nLoans, financing and derivative financial instruments\n\n3,175,017\n\n(3,175,017\n\n)\n\n-\n\nDebentures\n\n377,743\n\n(377,743\n\n)\n\n-\n\nLoans, financing and debentures\n\n-\n\n3,478,673\n\n3,478,673\n\nDerivative financial instruments\n\n-\n\n74,087\n\n74,087\n\n3,552,760\n\n-\n\n3,552,760\n\nNon-current liabilities (ii)\n\nLoans, financing and derivative financial instruments\n\n6,393,232\n\n(6,393,232\n\n)\n\n-\n\nDebentures\n\n4,356,118\n\n(4,356,118\n\n)\n\n-\n\nLoans, financing and debentures\n\n-\n\n10,381,837\n\n10,381,837\n\nDerivative financial instruments\n\n-\n\n367,513\n\n367,513\n\n10,749,350\n\n-\n\n10,749,350\n\n(i)\nFinancial investments that in the prior year were disclosed together with derivative financial instrument assets are now disclosed under separate line items in the statement of financial position;\n\n(ii)\nLoans and financing that in the prior year were disclosed under separate line items of debentures were consolidated and are now disclosed under the same line item; additionally, derivative financial instrument liabilities that were disclosed on a consolidated basis together with loans and financing are now disclosed under separate line items in the statement of financial position.\n\nF-21\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[3. New accounting policies and changes in accounting policies](#TOC)\n\nThe Company evaluated and, when necessary, applied for the first time the new standards and interpretations issued by the IASB.\n\na. New accounting policies and changes in accounting policies\n\na.1 Accounting policies adopted\n\nThe following amendments to standards and guidance issued by the IASB effective on or after January 1, 2025 were evaluated and do not change the accounting practice adopted by the Company:\n\nIAS 21 – The Effects of Changes in Foreign Exchange Rates\n\na.2 Accounting policies not adopted\n\nThe following new standards, amendments to standards and interpretations of IFRS Accounting Standards issued by the International Accounting Standards - IASB were not adopted since they are not effective in the year ended December 31, 2025. The Company and its subsidiaries plan to adopt these new standards, amendments and interpretations, if applicable, when they become effective.\n\nIFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments and Contracts Referencing Nature-dependent Electricity\n\nIFRS 18 – Presentation and Disclosure in Financial Statements\n\nIFRS 19 – Subsidiaries without Public Accountability\n\nF-22\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[4. Cash and cash equivalents and financial investments](#TOC)\n\nAccounting policy\n\nCash and cash equivalents comprise bank balances and short-term financial investments with maturities of up to 90 days, readily convertible into known amounts of cash and subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments.\n\nInvestments that do not fall under the classification of cash and cash equivalents are presented as financial investments in a separate line item in the statements of financial position.\n\nCash equivalents and financial investments, excluding cash and bank deposits, are substantially represented by investments: (i) in Brazil, in certificates of deposit of financial institutions linked to interest rate of the Interbank Deposits (“DI”), in repurchase agreement, financial bills, private securities and in short-term investment funds, whose portfolio is comprised of Brazilian Federal Government bonds and certificates of deposit of financial institutions and financial investments composed of a fixed-income component indexed to the DI rate and a variable component represented by financial instruments whose characteristics meet the criteria for compensation set forth in IAS 32, resulting in the presentation of a net financial asset, and; (ii) outside Brazil, in certificates of deposit of financial institutions and in short-term investment funds, whose portfolio is comprised of Federal Government bonds.\n\na. Cash and cash equivalents\n\n12/31/2025\n\n12/31/2024\n\nCash and banks\n\nIn local currency\n\n432,604\n\n211,047\n\nIn foreign currency\n\n409,691\n\n194,793\n\nFinancial investments considered cash equivalents\n\nSecurities and funds\n\nIn local currency\n\n1,622,908\n\n1,286,152\n\nIn foreign currency\n\n709,922\n\n379,601\n\nTotal cash and cash equivalents\n\n3,175,125\n\n2,071,593\n\nb. Financial investments\n\n12/31/2025\n\n12/31/2024\n\nFinancial investments\n\nSecurities and funds\n\nIn local currency (a)\n\n3,311,585\n\n2,271,980\n\nIn foreign currency (b)\n\n2,921,770\n\n2,854,126\n\nTotal financial investments\n\n6,233,355\n\n5,126,106\n\nCurrent\n\n3,851,758\n\n2,306,927\n\nNon-current\n\n2,381,597\n\n2,819,179\n\n(a)\nThe Company balance comprises (i) financial bills and indexed-rate Brazilian Federal Government bonds totaling R$ 1,433,475 and (ii) the remaining amount, which substantially corresponds to financial instruments offset with the same counterparty, presented net of financial liabilities measured at fair value in the amount of (174,643).\n\n(b)\n\nRefers substantially to financial investments made by subsidiary Ultrapar International in Time Deposits.\n\nF-23\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[5. Trade receivables and reseller financing](#TOC)\n\n \n\nAccounting policy\n\n \n\nTrade receivables represent amounts receivable for the sale of products and services provided by the Company’s subsidiaries and are recorded at the nominal value invoiced on the date of sale.\n\n \n\nReseller financing is provided to promote the renovation and upgrading of service stations, purchase of products and development of the automotive fuels and lubricants distribution market. The amounts are financed with an average payment term of 12 to 60 months, subject to interest and monetary variation. Remeasurement is carried out at a market rate for working capital loans and is recognized in the financial result.\n\n \n\nExpected credit losses are measured in accordance with the IFRS 9 simplified approach, using a provision matrix based on expected losses for the full balance of trade receivables, considering the probability of default. The loss allowance for expected credit losses considers the expected losses for the next 12 months, which includes the deterioration or improvement of the customers’ credit quality, considering the customers’ characteristics in each business segment. Loss rates are determined by the average of advances of receivables through stages of default until full write-off. This calculation includes the credit risk score for each exposure, based on predictive data and credit assessment experience.\n\n \n\nThe amount of the expected credit losses is deemed by Management to be sufficient to cover any loss on realization of trade receivables.\n\n \n\na. Trade receivables and reseller financing\n\n \n\nTrade receivables\n\n12/31/2025\n\n \n\n12/31/2024\n\nDomestic customers\n\n3,946,459\n\n \n\n3,885,310\n\nDomestic customers - related parties (see Note 8)\n\n6,449\n\n \n\n301\n\nForeign customers\n\n133,961\n\n \n\n19,032\n\nForeign customers - related parties (see Note 8)\n\n2,839\n\n \n\n8,361\n\n \n\n4,089,708\n\n \n\n3,913,004\n\n(-) Allowance for expected credit losses\n\n(352,472\n\n)\n\n \n\n(345,735\n\n)\n\nTotal - trade receivables of customers\n\n3,737,236\n\n \n\n3,567,269\n\nCurrent\n\n3,703,954\n\n \n\n3,540,266\n\nNon-current\n\n33,282\n\n \n\n27,003\n\nF-24\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nReseller financing\n\n12/31/2025\n\n \n\n12/31/2024\n\nReseller financing\n\n1,508,373\n\n \n\n1,404,883\n\n(-) Allowance for expected credit losses\n\n(134,353\n\n)\n\n \n\n(126,859\n\n)\n\nTotal – reseller financing\n\n1,374,020\n\n \n\n1,278,024\n\nCurrent\n\n573,093\n\n \n\n511,979\n\nNon-current\n\n800,927\n\n \n\n766,045\n\n \n\nb. Allowance for expected credit losses – trade receivables and reseller financing\n\n \n\nMovements in the allowance for expected credit losses of trade receivables and reseller financing are as follows:\n\n \n\n \n\nTrade receivables\n\n \n\nReseller financing\n\n \n\nTotal\n\nBalance as of December 31, 2022\n\n322,753\n\n \n\n173,287\n\n \n\n496,040\n\nAdditions\n\n115,090\n\n \n\n28,472\n\n \n\n143,563\n\nReversals\n\n(76,762\n\n)\n\n \n\n(59,436\n\n)\n\n \n\n(136,198\n\n)\n\nWrite-offs\n\n(26,614\n\n)\n\n \n\n(7,940\n\n)\n\n \n\n(34,554\n\n)\n\nBalance as of December 31, 2023\n\n334,467\n\n \n\n134,383\n\n \n\n468,850\n\nAdditions\n\n114,691\n\n \n\n31,931\n\n \n\n146,622\n\nReversals\n\n(85,549\n\n)\n\n \n\n(37,126\n\n)\n\n \n\n(122,675\n\n)\n\nWrite-offs\n\n(17,874\n\n)\n\n \n\n(2,329\n\n)\n\n \n\n(20,203\n\n)\n\nBalance as of December 31, 2024\n\n345,735\n\n \n\n126,859\n\n \n\n472,594\n\nAdditions\n\n201,054\n\n \n\n113,550\n\n \n\n314,604\n\nReversals\n\n(163,238\n\n)\n\n \n\n(97,417\n\n)\n\n \n\n(260,655\n\n)\n\nWrite-offs\n\n(47,994\n\n)\n\n \n\n(8,639\n\n)\n\n \n\n(56,633\n\n)\n\nOpening balance – acquisition of subsidiaries(i)\n\n16,915\n\n \n\n‐\n\n \n\n16,915\n\nBalance as of December 31, 2025\n\n352,472\n\n \n\n134,353\n\n \n\n486,825\n\n(i)\nThe total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nF-25\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below presents information on credit risk exposure, resulting from balances of trade receivables and reseller financing.\n\n \n\n12/31/2025\n\n \n\n12/31/2024\n\n \n\nWeighted average rate of expected losses\n\n \n\nGross accounting balance\n\n \n\nAllowance for expected credit losses\n\n \n\nWeighted average rate of expected losses\n\n \n\nGross accounting balance\n\n \n\nAllowance for expected credit losses\n\nCurrent\n\n0.51%\n\n \n\n4,492,797\n\n \n\n23,081\n\n \n\n0.55%\n\n \n\n4,289,620\n\n \n\n23,517\n\nLess than 30 days\n\n1.57%\n\n \n\n132,614\n\n \n\n2,082\n\n \n\n3.14%\n\n \n\n141,756\n\n \n\n4,452\n\n31-60 days\n\n8.06%\n\n \n\n33,539\n\n \n\n2,702\n\n \n\n20.26%\n\n \n\n40,402\n\n \n\n8,186\n\n61-90 days\n\n13.17%\n\n \n\n25,671\n\n \n\n3,380\n\n \n\n14.96%\n\n \n\n27,360\n\n \n\n4,093\n\n91-180 days\n\n21.73%\n\n \n\n71,225\n\n \n\n15,480\n\n \n\n30.37%\n\n \n\n57,289\n\n \n\n17,396\n\nMore than 180 days\n\n52.25%\n\n \n\n842,235\n\n \n\n440,100\n\n \n\n54.49%\n\n \n\n761,460\n\n \n\n414,950\n\n \n\n \n\n \n\n5,598,081\n\n \n\n486,825\n\n \n\n \n\n \n\n5,317,887\n\n \n\n472,594\n\n[6. Inventories](#TOC)\n\nAccounting policy\n\nInventories are stated at the lower of cost and net realizable value, and estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. The costs are measured using the weighted average cost and include the costs of acquisition and processing directly and indirectly related to the units produced based on the normal capacity of production.\n\nAt the reporting date, the net realizable value of inventories is assessed and subsequent events related to price and cost fluctuations are considered, if relevant, and a provision for losses on obsolete or slow-moving inventories may be recognized. Write-offs and reversals are recognized as \"Cost of goods sold and services rendered\". This classification is made by Management with the support of the industrial and operations teams.\n\n12/31/2025\n\n12/31/2024\n\nFuels, lubricants and greases\n\n3,395,951\n\n3,009,100\n\nRaw materials\n\n313,445\n\n373,544\n\nPurchase for future delivery (1)\n\n102,985\n\n255,001\n\nConsumable materials and other items for resale\n\n292,054\n\n129,539\n\nLiquefied petroleum gas - LPG\n\n120,537\n\n128,098\n\nProperties for resale\n\n19,192\n\n21,794\n\n4,244,164\n\n3,917,076\n\n(1)\nRefers substantially to ethanol, biodiesel and advances for fuel acquisition.\n\nMovements in the provision for inventory losses are as follows:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nOpening balance\n\n3,920\n\n7,031\n\n21,926\n\nAddition to provision for obsolescence and other losses\n\n4,191\n\n-\n\n-\n\nReversal of provision for obsolescence and other losses\n\n(2,386\n\n)\n\n(4,791\n\n)\n\n(8,301\n\n)\n\nAddition to provision for adjustment to realizable value\n\n8,104\n\n1,680\n\n-\n\nReversal of provision for adjustment to realizable value\n\n(1,428\n\n)\n\n-\n\n(6,594\n\n)\n\nClosing balance\n\n12,401\n\n3,920\n\n7,031\n\nF-26\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[7. Recoverable taxes and recoverable income and social contributions taxes](#TOC)\n\n \n\na. Recoverable taxes\n\n \n\nRecoverable taxes are substantially represented by credits of Tax on Goods and Services (“ICMS”, the Brazilian VAT), Contribution for Social Security Financing (“COFINS”) and Social Integration Program (“PIS”).\n\n \n\n \n\n12/31/2025\n\n \n\n12/31/2024\n\nICMS - State VAT (a.1)\n\n1,394,916\n\n \n\n1,416,708\n\nPIS and COFINS - Federal VAT (a.2)\n\n3,863,682\n\n \n\n3,172,417\n\nOthers\n\n144,643\n\n \n\n101,152\n\nTotal\n\n5,403,241\n\n \n\n4,690,277\n\nCurrent\n\n1,685,426\n\n \n\n2,040,008\n\nNon-current\n\n3,717,815\n\n \n\n2,650,269\n\na.1 The recoverable ICMS net of provision for losses is substantially related to the following operations:\n\n \n\nTax credits are recognized mainly of the following nature: a) transactions of inputs and outputs of products subject to taxation of the own ICMS; b) interstate outflows of oil-related products, whose ICMS was prepaid by the supplier (Petrobras); c) credits for refunds of the ICMS-ST (tax substitution) overpaid when the estimated calculation basis used is higher than that of the actual operation performed.\n\n \n\nIn 2023, with the enactment of Supplementary Law 192/22 (“LC 192/22”), the single-phase ICMS levy on LPG, diesel, biodiesel, gasoline and anhydrous ethanol became effective. Due to the advent of this new calculation modality, the subsidiaries have stopped generating credits related to the refunds of ICMS-ST (tax substitution regime).\n\n \n\nThe amounts of recoverable ICMS are realized through the Company’s own operations subject to taxes, being a revolving credit, which means that the credits are monthly offset against the tax payable on sales and new credits are generated by the acquisition of inputs, as well as by the State's refund on tax substitution operations. Management estimates the realization of the credits classified in non-current assets over an approximate period of 5 years.\n\n \n\n \n\n12/31/2025\n\nUp to 1 year\n\n384,458\n\nFrom 1 to 2 years\n\n462,422\n\nFrom 2 to 3 years\n\n304,872\n\nFrom 3 to 5 years\n\n208,721\n\nAbove 5 years\n\n34,443\n\nTotal recoverable ICMS, net of provision\n\n1,394,916\n\n \n\nF-27\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe provision for ICMS losses, in the amount of R$ 16,902 (R$ 17,116 as of December 31, 2024), relates to tax credit of the subsidiaries whose amounts are not included within the term determined by its internal policies of provisioning.\n\n \n\na.2 The recoverable PIS and COFINS are substantially related to:\n\n \n\nICMS in the PIS and COFINS calculation basis - The balance of PIS and COFINS includes credits recorded under Laws 10,637/02 and 10,833/03, as well as amounts arising from a STF’s favorable decision (Theme 69) regarding the exclusion of ICMS from the PIS and COFINS calculation basis.\n\nIn the year ended December 31, 2025, the Company, through its subsidiary Ipiranga, recognized effects from tax credits of R$ 1,152,890 (R$ 672,572 under “other operating income (expenses) and R$ 480,318 under “financial income”), relating to the periods from November 2008 to December 2024, arising from supplementary calculations (specific regime operations) related to final and unappealable decisions of lawsuits.\n\nSupplementary Law 192 - On March 11, 2022 Supplementary Law 192/22 was published to reduce the tax burden of the fuel supply chain. Art. 9 of said law established the reduction of the PIS and COFINS tax rates levied on diesel, biodiesel and LPG to zero through December 31, 2022, ensuring at the same time the maintenance of credits taken across the whole supply chain up to September 21, 2022 (90 days after the publication of LC 194/22 that restricted the right to take credits on taxpayers), when it became effective.\n\nThe Company, through its subsidiaries, has credits in the amount of R$ 814,319 (R$ 1,686,836 as of December 31, 2024) from the LC 192/22. These credits were recorded considering the expectation of realization by the Company within a 5-year period from the date of generation, period in which the Company has the ability to use these credits. The estimated realization is updated annually considering the estimated future results.\n\nManagement estimates the realization of these credits within up to 5 years from the constitution date, as follows:\n\n \n\n12/31/2025\n\nUp to 1 year\n\n1,156,563\n\nFrom 1 to 2 years\n\n920,585\n\nFrom 2 to 3 years\n\n713,582\n\nFrom 3 to 5 years\n\n1,072,952\n\nTotal recoverable PIS and COFINS\n\n3,863,682\n\nb. Recoverable income and social contribution taxes\n\n \n\nRelates to IRPJ and CSLL to be recovered by the Company and its subsidiaries, arising from the tax advances of previous years, as well as referring to lawsuits on the non-levy of IRPJ and CSLL on the monetary variation (SELIC) in the repetition of undue payments. The Company, through its subsidiaries, has a recoverable IRPJ and CSLL balance of R$ 664,056, of which R$ 317,963 recorded as current and R$ 346,093 recorded as non-current (R$ 498,067, of which R$ 151,930 recorded as current and R$ 346,137 recorded as non-current as of December 31, 2024). Management estimates the realization of these credits within up to 5 years.\n\nF-28\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[8. Related parties](#TOC)\n\na. Related parties\n\nBalances and transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in this Note. The balances and transactions between the Company and its subsidiaries with other related parties are highlighted below:\n\nAssets\n\nLiabilities\n\nOperating result - Sales/(Purchases)\n\n12/31/2025\n\n12/31/2024\n\n12/31/2025\n\n12/31/2024\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nTransactions with subsidiaries and joint ventures\n\nTransactions with joint ventures\n\nRefinaria de Petróleo Riograndense S.A.\n\n2\n\n‐\n\n11,156\n\n9,846\n\n(726,418\n\n)\n\n(457,885\n\n)\n\n(510,510\n\n)\n\nLatitude Logística Portuária S.A.\n\n4,620\n\n10,862\n\n49\n\n‐\n\n‐\n\n‐\n\n-\n\nNavegantes Logística Portuária S.A.\n\n90,850\n\n29,406\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\nHidrovias do Brasil S.A.\n\n‐\n\n416\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\nObrinel S.A.\n\n1,618\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\nOthers\n\n11,349\n\n7,943\n\n3,968\n\n2,875\n\n419\n\n851\n\n571\n\nTransactions with other related parties\n\nChevron Oronite Brasil Ltda. (1)\n\n2,847\n\n‐\n\n34,460\n\n13,434\n\n(241,586\n\n)\n\n(195,925\n\n)\n\n(175,053\n\n)\n\nChevron Products Company (1)\n\n‐\n\n‐\n\n188,578\n\n159,432\n\n(638,568\n\n)\n\n(745,812\n\n)\n\n(370,137\n\n)\n\nOthers\n\n3,218\n\n8,760\n\n1,726\n\n1,449\n\n(228\n\n)\n\n(3,718\n\n)\n\n(13,157\n\n)\n\nTotal\n\n114,504\n\n57,387\n\n239,937\n\n187,036\n\n(1,606,381\n\n)\n\n(1,402,489\n\n)\n\n(1,068,286\n\n)\n\nTrade receivables (Note 5)\n\n9,288\n\n8,662\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\nOther receivables\n\n20\n\n416\n\n‐\n\n‐\n\n‐\n\n‐\n\n-\n\nTrade payables (Note 16)\n\n‐\n\n‐\n\n237,062\n\n183,520\n\n‐\n\n‐\n\n-\n\nRelated parties\n\n105,196\n\n48,309\n\n2,875\n\n3,516\n\n‐\n\n‐\n\n-\n\nSales and services provided\n\n‐\n\n‐\n\n‐\n\n‐\n\n49,972\n\n21,125\n\n14,779\n\nPurchases\n\n‐\n\n‐\n\n‐\n\n‐\n\n(1,656,353\n\n)\n\n(1,423,614\n\n)\n\n(1,083,065\n\n)\n\n(1)\nNon-controlling shareholders and other related parties of Iconic.\n\nPurchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation, and storage services based on prices and terms negotiated between the parties, with customers and suppliers with comparable operational performance.\n\nb. Key executives\n\nThe Ultrapar’s compensation policy and practices are designed to align short and long-term interests with shareholders and the Company’s sustainability. The short and long-term variable compensation is linked to growth goals in results and generated economic value, aligned with shareholders’ interests. Variable compensation also directs the professionals’ focus to the strategic plan approved by the Board of Directors, and is linked to annual growth goals in financial results and priority matters for the Company.\n\nF-29\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe expenses for compensation of its key executives (Company’s directors and executive officers) are shown below:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nShort-term compensation\n\n41,181\n\n51,814\n\n54,396\n\nStock compensation\n\n74,349\n\n62,952\n\n35,165\n\nPost-employment benefits\n\n3,592\n\n4,767\n\n4,206\n\nTermination benefits\n\n-\n\n-\n\n1,007\n\nTotal\n\n119,122\n\n119,533\n\n94,774\n\nc. Stock plan\n\n2017 Plan\n\nOn April 19, 2017, the Ordinary and Extraordinary General Shareholders’ Meeting (“OEGM”) approved a share-based incentive plan (“2017 Plan”), which establishes the general terms and conditions for granting common shares issued by the Company and held in treasury, that may or may not involve the granting of usufruct of part of these shares for later transfer of the ownership of the shares, with vesting periods determined in each Program, to directors or employees of the Company or its subsidiaries.\n\nAs a result of the Plan approved in 2017, common shares representing at most 1% of the Company's share capital could be delivered to the participants, which corresponded, at the date of approval of this Plan, to 11,128,102 common shares.\n\nAt the OEGM held on April 19, 2023, the 2017 Plan was amended, permitting that, if the participant becomes a member of the Company's Board of Directors, thus ceasing to hold any other executive position, the right to receive ownership of the shares will be preserved, maintaining the conditions and other requirements established in the applicable programs and in each agreement.\n\n2023 Plan\n\nThe share-based incentive plan (\"2023 Plan\") establishes the general terms and conditions for the Company or its subsidiaries to grant common shares issued by them and held in treasury, to the Management, including the members of Ultrapar's Board of Directors, or employees of the Company or of companies under its direct or indirect control, that may involve the granting of usufruct for later transfer of the ownership of the shares, subject to the terms and conditions set forth in the 2023 Plan. In the case of members of the Board of Directors, the grants will be mandatorily linked to the remuneration approved by the shareholders at the Ordinary General Shareholders’ Meeting.\n\nAs a result of the 2023 Plan, common shares representing at most 5% of the Company's share capital may be delivered to the participants, which corresponded, at the date of approval of said Plan, to 55,760,215 common shares. Annually, a maximum of 1% of this limit may be used.\n\n2025 Plan - Hidrovias\n\nOn June 23, 2025, Hidrovias’ Board of Directors approved the 2025 Plan, a long-term restricted share-based incentive plan to Management and eligible employees.\n\nOn July 1, 2025, the first batch of restricted shares was granted to eligible executives, with the transfer of ownership subject to vesting periods and to the other transfer restrictions set forth in the plan.\n\nExecutives participating in the New SOP (approved on December 29, 2023) opted to replace their stock option rights with the right to restricted shares as set forth in the 2025 Plan, subject to conditions approved by the Board of Directors.\n\nF-30\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below summarizes the restricted and performance stock programs under the 2017 Plan and the 2023 Plan, and the 2025 Plan (Hidrovias):\n\nCompany\n\nProgram\n\nGrant date\n\nNumber of shares granted (Quantity)\n\nVesting period\n\nFair value of shares on the grant date (in R$)\n\nTotal exercisable grant costs, including taxes (in R$ thousands)\n\nAccumulated recognized exercisable grant costs (in R$ thousands)\n\nUnrecognized exercisable grant costs (in R$ thousands)\n\nUltrapar\n\nRestricted\n\nSeptember 16, 2020\n\n140,000\n\n2026\n\n23.03\n\n5,464\n\n(4,857\n\n)\n\n607\n\nUltrapar\n\nRestricted\n\nSeptember 22, 2021\n\n1,000,000\n\n2027\n\n14.17\n\n24,093\n\n(18,616\n\n)\n\n5,477\n\nUltrapar\n\nRestricted\n\nSeptember 21, 2022\n\n2,640,000\n\n2032\n\n12.98\n\n64,048\n\n(20,771\n\n)\n\n43,277\n\nUltrapar\n\nRestricted\n\nDecember 7, 2022\n\n1,500,000\n\n2032\n\n13.47\n\n37,711\n\n(11,631\n\n)\n\n26,080\n\nUltrapar\n\nRestricted\n\nApril 20, 2023\n\n1,117,425\n\n2026\n\n14.50\n\n30,418\n\n(27,638\n\n)\n\n2,780\n\nUltrapar\n\nPerformance\n\nApril 20, 2023\n\n1,146,186\n\n2026\n\n14.50\n\n31,466\n\n(28,687\n\n)\n\n2,779\n\nUltrapar\n\nRestricted\n\nSeptember 20, 2023\n\n3,700,000\n\n2033\n\n18.75\n\n129,322\n\n(30,220\n\n)\n\n99,102\n\nUltrapar\n\nRestricted\n\nApril 17, 2024\n\n3,444,789\n\n2027 to 2029\n\n26.94\n\n175,894\n\n(72,459\n\n)\n\n103,435\n\nUltrapar\n\nRestricted\n\nJune 19, 2024\n\n60,683\n\n2027\n\n21.47\n\n2,468\n\n(1,234\n\n)\n\n1,234\n\nUltrapar\n\nRestricted\n\nOctober 1, 2024\n\n1,295,000\n\n2034\n\n23.10\n\n55,785\n\n(6,973\n\n)\n\n48,812\n\nUltrapar\n\nRestricted\n\nApril 3, 2025\n\n4,558,462\n\n2027 to 2028\n\n17.78\n\n153,500\n\n(31,076\n\n)\n\n122,424\n\nUltrapar\n\nRestricted\n\nNovember 13, 2025\n\n750,000\n\n2035\n\n22.84\n\n32,430\n\n(541\n\n)\n\n31,889\n\n21,352,545\n\n742,599\n\n(254,703\n\n)\n\n487,896\n\nHidrovias\n\nRestricted\n\nJuly 1, 2025\n\n1,244,523\n\n2028\n\n3.55\n\n4,961\n\n(828\n\n)\n\n4,133\n\n1,244,523\n\n4,961\n\n(828\n\n)\n\n4,133\n\nUltrapar\n\nNumber of shares as of December 31, 2022\n\n8,934,704\n\nShares granted during the year\n\n6,930,871\n\nCancellation of granted shares due to termination of executive employment\n\n(583,180\n\n)\n\nShares transferred (vesting)\n\n(447,800\n\n)\n\nNumber of shares as of December 31, 2023\n\n14,834,595\n\nShares granted during the year\n\n5,061,396\n\nCancellation of granted shares due to termination of executive employment\n\n(139,105\n\n)\n\nShares transferred (vesting)\n\n(1,235,182\n\n)\n\nNumber of shares as of December 31, 2024\n\n18,521,704\n\nUltrapar shares granted during the year\n\n5,351,177\n\nCancellation of Ultrapar shares due to termination of executive\n\n(209,432\n\n)\n\nUltrapar shares transferred (vesting)\n\n(2,310,904\n\n)\n\nNumber of shares as of December 31, 2025\n\n21,352,545\n\nF-31\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nHidrovias\n\nNumber of shares as of December 31, 2024\n\n-\n\nHidrovias shares granted during the year\n\n1,244,523\n\nNumber of shares as of December 31, 2025\n\n1,244,523\n\nThe Company does not have shares that were not transferred after the period for transfer of the ownership of the shares. For the year ended December 31, 2025, an expense in the amount of R$ 142,814 was recognized in relation to the Plan (R$ 112,277 for the year ended December 31, 2024 and R$ 70,770 for the year ended December 31, 2023).\n\nFor all Ultrapar’s plans, settlements are made only with the delivery of treasury shares.\n\n[9. Income and social contribution taxes](#TOC)\n\nAccounting policy\n\nCurrent and deferred income tax (“IRPJ”) and social contribution on net income tax (“CSLL”) are calculated based on their current rates. For the calculation of current IRPJ, the value of tax incentives is also considered. At the end of the fiscal year the portion of the profit corresponding to these investment grants is allocated to the constitution of a tax incentive reserve in subsidiaries’ equity and is excluded from the dividend calculation basis and subsequently capitalized. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the financial statements. The current rates in Brazil are 25% for IRPJ and 9% for CSLL.\n\nDeferred IRPJ and CSLL are recognized when a temporary difference between the tax and accounting balances exists, given that tax credits and debits are not subject to the statute of limitations, and mainly result from provisions for differences between cash and accrual basis, tax loss carryforwards, leasing operations, negative bases and provisions for tax, civil, and labor risks. Deferred tax assets are sustained by the continued profitability of their operations.\n\nFor purposes of disclosure, deferred tax assets were offset against deferred tax liabilities, in the same taxable entity.\n\nOn December 27, 2024, Law 15,079 was published, which introduce the Additional of CSLL to adapt Brazilian legislation to the GloBE Rules, aligning the country to Pillar 2 of the BEPS of OECD. This guideline establishes a minimum global tax rate of 15% for multinationals with annual revenues exceeding €750 million.\n\nIn December 31, 2025, Management assessed the potential impacts of the new law and concluded that no relevant effects on the Company's financial statements are expected, considering its operational profile and actual level of taxes. The Company will continue to assess the complementary regulation and eventual international unfoldings.\n\nF-32\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\na. Deferred income (IRPJ) and social contribution taxes (CSLL)\n\n12/31/2025\n\n12/31/2024\n\nAssets - Deferred income and social contribution taxes on:\n\nProvision for losses with assets\n\n43,763\n\n41,467\n\nProvisions for tax, civil and labor risks\n\n149,635\n\n188,495\n\nProvision for post-employment benefits\n\n73,698\n\n76,166\n\nProvision for differences between cash and accrual basis (i)\n\n89,166\n\n19,483\n\nGoodwill\n\n32,747\n\n10,317\n\nProvision for asset retirement obligation\n\n12,593\n\n13,472\n\nOperating provisions\n\n61,311\n\n60,120\n\nProvision for profit sharing and bonus\n\n97,240\n\n76,880\n\nLeases payable\n\n583,232\n\n499,988\n\nProvision for deferred revenue\n\n710\n\n450\n\nAcquisition of shares from shareholders\n\n82,128\n\n-\n\nOther temporary differences\n\n193,988\n\n115,753\n\nTax losses and negative basis for social contribution carryforwards\n\n529,868\n\n510,780\n\nTotal\n\n1,950,079\n\n1,613,371\n\nOffsetting liability balance\n\n(942,788\n\n)\n\n(676,430\n\n)\n\nNet balances presented in assets\n\n1,007,291\n\n936,941\n\nLiabilities - Deferred income and social contribution taxes on:\n\nLeases payable\n\n484,879\n\n406,173\n\nProvision for differences between cash and accrual basis (i)\n\n268,466\n\n194,846\n\nChange in fair value of subscription warrants\n\n2,127\n\n7,611\n\nGoodwill on investments\n\n28,480\n\n28,771\n\nBusiness combination - fair value of assets\n\n573,793\n\n52,781\n\nProvision for indemnification\n\n88,854\n\n14,063\n\nOther temporary differences\n\n134,086\n\n105,010\n\nTotal\n\n1,580,685\n\n809,255\n\nOffsetting asset balance\n\n(942,788\n\n)\n\n(676,430\n\n)\n\nNet balances presented in liabilities\n\n637,897\n\n132,825\n\n(i)\nrefers mainly to the income and social contribution taxes on foreign exchange variation of the derivative instruments.\n\nF-33\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nChanges in the net balance of deferred IRPJ and CSLL are as follows:\n\nBalance as of December 31, 2022\n\n897,936\n\nDeferred IRPJ and CSLL recognized in profit (loss) for the year\n\n335,375\n\nDeferred IRPJ and CSLL recognized in other comprehensive income\n\n21,474\n\nOthers\n\n143\n\nBalance as of December 31, 2023\n\n1,254,928\n\nDeferred IRPJ and CSLL recognized in profit (loss) for the year\n\n(360,953\n\n)\n\nDeferred IRPJ and CSLL recognized on company acquisition\n\n(71,815\n\n)\n\nDeferred IRPJ and CSLL recognized in other comprehensive income\n\n(18,178\n\n)\n\nOthers\n\n134\n\nBalance as of December 31, 2024\n\n804,116\n\nDeferred IRPJ and CSLL recognized in profit (loss) for the year\n\n(8,892\n\n)\n\nDeferred IRPJ and CSLL recognized in profit (loss) for the year - discontinued operations\n\n10,175\n\nDeferred IRPJ and CSLL recognized on company acquisition (1)\n\n74,730\n\nDeferred IRPJ and CSLL recognized on business combinations\n\n(581,271\n\n)\n\nDeferred IRPJ and CSLL recognized in equity\n\n70,536\n\nBalance as of December 31, 2025\n\n369,394\n\n(1)\nOn May 8, 2025, the Company acquired the control and began to consolidate Hidrovias. For further details, see Note 27.b.\n\nThe balances of R$ 1,950,079 were supported by the technical study on taxable profit projections for the realization of deferred tax assets. The taxable profit projections from business plans of each segment of the Company which indicates trends and perspectives, demand effects, competition and other economic factors, and that represent management’s best estimate about the economic conditions existing during the period of realization of the deferred tax asset, were taken into account.\n\nThe main key assumptions used to calculate the realization of deferred tax assets are: growth in Gross Domestic Product (“GDP”), exchange rate, basic interest rate (SELIC) and DI, inflation rate and commodity price index.\n\nF-34\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb. Reconciliation of income and social contribution taxes in the statement of income\n\nIRPJ and CSLL are reconciled to the statutory tax rates as follows:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nIncome before taxes\n\n3,811,909\n\n4,011,517\n\n3,578,695\n\nStatutory tax rates - %\n\n34\n\n34\n\n34\n\nIncome and social contribution taxes at the statutory tax rates\n\n(1,296,049\n\n)\n\n(1,363,916\n\n)\n\n(1,216,756\n\n)\n\nAdjustment to the statutory income and social contribution taxes:\n\nNondeductible expenses\n\n(65,891\n\n)\n\n(14,729\n\n)\n\n(11,535\n\n)\n\nNontaxable revenues (i)\n\n231,440\n\n26,755\n\n114,981\n\nAdjustment to estimated income\n\n13,887\n\n1,807\n\n2,173\n\nUnrecorded deferred income and social contribution tax loss carryforwards\n\n(134,489\n\n)\n\n(205,794\n\n)\n\n(36,227\n\n)\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n(22,612\n\n)\n\n(44,090\n\n)\n\n4,049\n\nInterest on equity between subsidiaries\n\n12,715\n\n35,901\n\n-\n\nDifference of rate in the measurement of taxes (ii)\n\n39,062\n\n‐\n\n‐\n\nOther adjustments\n\n56,918\n\n(15,861\n\n)\n\n(26,666\n\n)\n\nIncome and social contribution taxes before tax incentives\n\n(1,165,019\n\n)\n\n(1,579,927\n\n)\n\n(1,169,981\n\n)\n\nTax incentives – SUDENE (iii)\n\n101,330\n\n94,310\n\n109,039\n\nIncome and social contribution taxes in the statement of income\n\n(1,063,689\n\n)\n\n(1,485,617\n\n)\n\n(1,060,942\n\n)\n\nCurrent\n\n(1,054,797\n\n)\n\n(1,124,664\n\n)\n\n(1,396,317\n\n)\n\nDeferred\n\n(8,892\n\n)\n\n(360,953\n\n)\n\n335,375\n\nEffective IRPJ and CSLL rates - %\n\n27.9\n\n37.0\n\n29.6\n\n(i)\nConsist of gains and income not taxable under applicable tax legislation and amounts related to non-taxation of the income and social contribution taxes on the monetary variation (SELIC).\n\n(ii)\nRefers to differences in applicable tax rates in the countries where the Company’s subsidiaries operate.\n\n(iii)\nCertain subsidiaries have the benefit of income tax reduction for belonging to the sectors of the economy considered priority for the subsidized areas, with a 75% decrease in the income tax basis.\n\nF-35\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nc. Tax losses and negative basis for social contribution carryforwards\n\nAs of December 31, 2025, the Company and certain subsidiaries had tax loss carryforwards related to income tax (IRPJ) and social contribution (CSLL), whose annual offsets are limited to 30% of taxable income in a given tax year, and do not expire.\n\nThe balances comprising deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:\n\n12/31/2025\n\n12/31/2024\n\nOil Trading\n\n68,920\n\n77,155\n\nUltrapar\n\n43,188\n\n51,339\n\nIpiranga\n\n300,409\n\n300,409\n\nUltracargo Soluções Logística\n\n42,808\n\n33,553\n\nHidrovias do Brasil – Holding S.A\n\n29,149\n\n‐\n\nOthers\n\n45,394\n\n48,324\n\n529,868\n\n510,780\n\nThe balances which are not constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:\n\n12/31/2025\n\n12/31/2024\n\nNeogás\n\n45,143\n\n45,286\n\nIntegra Frotas\n\n33,730\n\n18,927\n\nStella\n\n33,073\n\n15,686\n\nMillennium\n\n14,440\n\n11,650\n\nAbastece aí\n\n156,570\n\n126,900\n\nHidrovias do Brasil – Holding S.A\n\n139,914\n\n‐\n\nHidrovias do Brasil – Administração Portuária de Santos\n\n40,005\n\n‐\n\nOthers\n\n9,897\n\n6,374\n\n472,772\n\n224,823\n\nF-36\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[10. Contractual assets with customers - exclusivity rights](#TOC)\n\nRefers to exclusivity rights reimbursements of Ipiranga’s agreements with reseller service stations that are recognized at the time of their occurrence and amortized according to the conditions established in the agreement. Amortizations are recognized in profit or loss as reductions of sales revenue.\n\n \n\nChanges are shown below:\n\n \n\n \n\n12/31/2025\n\n \n\n12/31/2024\n\n12/31/2023\n\nOpening balance\n\n2,131,902\n\n \n\n2,262,508\n\n2,205,591\n\nAdditions\n\n522,960\n\n \n\n424,477\n\n664,363\n\nAmortization\n\n(469,766\n\n)\n\n(555,083\n\n)\n\n(607,446\n\n)\n\nClosing balance\n\n2,185,096\n\n \n\n2,131,902\n\n2,262,508\n\n \n\n \n\n \n\n \n\n \n\nCurrent\n\n666,109\n\n \n\n658,571\n\n787,206\n\nNon-current\n\n1,518,987\n\n \n\n1,473,331\n\n1,475,302\n\n[11. Investments in subsidiaries, joint ventures and associates](#TOC)\n\nAccounting policy\n\nInvestments in subsidiaries are accounted for under the equity method of accounting in the parent’s individual financial statements. A subsidiary is an investee in which the investor is entitled to variable returns on investment and has the ability to interfere in its financial and operational activities.\n\nInvestments in associates and joint ventures are accounted for under the equity method of accounting in the financial statements. An associate is an investment in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control. A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement which establishes that decisions about the relevant activities of the investee require the consent from the parties that share control.\n\nOther investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.\n\nF-37\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below presents the positions of equity and income (loss) for the year by company:\n\nEquity\n\nIncome (loss) for the year\n\nInterest in share capital - %\n\nInvestment (Provision for loss on investment)\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n12/31/2025\n\n12/31/2024\n\n2025\n\n2024\n\n2023\n\nJoint ventures\n\nUnião Vopak – Armazéns Gerais Ltda.\n\n(849\n\n)\n\n(1,389\n\n)\n\n50.00\n\n(425\n\n)\n\n270\n\n(695\n\n)\n\n(730\n\n)\n\n7,694\n\nRefinaria de Petróleo Riograndense S.A.\n\n(219,695\n\n)\n\n(235,921\n\n)\n\n33.14\n\n(72,803\n\n)\n\n2,015\n\n(78,304\n\n)\n\n(27,537\n\n)\n\n7,668\n\nLatitude Logística Portuária S.A.\n\n7,625\n\n3,176\n\n50.00\n\n3,813\n\n2,225\n\n1,588\n\n(3,777\n\n)\n\n(1,636\n\n)\n\nNavegantes Logística Portuária S.A.\n\n(7,142\n\n)\n\n(29,234\n\n)\n\n33.33\n\n(2,381\n\n)\n\n7,364\n\n(9,745\n\n)\n\n(8,472\n\n)\n\n(7,413\n\n)\n\nNordeste Logística I S.A.\n\n9,454\n\n(9,510\n\n)\n\n33.33\n\n3,151\n\n5,959\n\n(3,170\n\n)\n\n(171\n\n)\n\n730\n\nNordeste Logística II S.A.\n\n53,525\n\n(2,822\n\n)\n\n33.33\n\n17,842\n\n18,782\n\n(940\n\n)\n\n1,566\n\n(2,199\n\n)\n\nNordeste Logística III S.A.\n\n54,552\n\n(422\n\n)\n\n33.33\n\n18,184\n\n18,330\n\n(140\n\n)\n\n493\n\n967\n\nQuímica da Bahia Indústria e Comércio S.A.\n\n7,998\n\n1,327\n\n50.00\n\n3,999\n\n3,319\n\n663\n\n(159\n\n)\n\n(42\n\n)\n\nTerminal de Combustíveis Paulínia S.A. (\"Opla\")\n\n168,095\n\n7,068\n\n50.00\n\n84,047\n\n59,694\n\n3,534\n\n4,162\n\n4,071\n\nLimday S.A.\n\n30,666\n\n6,049\n\n44.55\n\n13,662\n\n‐\n\n2,695\n\n‐\n\n-\n\nObrinel S.A.\n\n205,810\n\n51,073\n\n49.00\n\n100,847\n\n‐\n\n25,026\n\n‐\n\n-\n\nBaden S.A.\n\n19,825\n\n(1,737\n\n)\n\n50.00\n\n9,912\n\n‐\n\n(869\n\n)\n\n‐\n\n-\n\nOther investments\n\n‐\n\n‐\n\n‐\n\n436\n\n281\n\n‐\n\n‐\n\n-\n\nAssociates\n\nHidrovias do Brasil S.A. (i)\n\n2,162,052\n\n(247,290\n\n)\n\n44.51\n\n‐\n\n504,629\n\n(96,480\n\n)\n\n(94,842\n\n)\n\n-\n\nTransportadora Sulbrasileira de Gás S.A.\n\n14,559\n\n2,928\n\n25.00\n\n3,640\n\n3,498\n\n733\n\n1,704\n\n2,043\n\nMetalúrgica Plus S.A.\n\n(1,351\n\n)\n\n(306\n\n)\n\n33.33\n\n(450\n\n)\n\n(349\n\n)\n\n(102\n\n)\n\n(91\n\n)\n\n(99\n\n)\n\nPlenogás Distribuidora de Gás S.A.\n\n1,356\n\n619\n\n33.33\n\n452\n\n1,041\n\n207\n\n672\n\n124\n\nOther investments\n\n‐\n\n‐\n\n‐\n\n37\n\n41\n\n‐\n\n‐\n\n-\n\nGoodwill on investments\n\nTerminal de Combustíveis Paulínia S.A. (\"Opla\")\n\n‐\n\n‐\n\n‐\n\n117,306\n\n117,306\n\n‐\n\n‐\n\n-\n\nHidrovias do Brasil S.A. (i)\n\n‐\n\n‐\n\n‐\n\n‐\n\n775,044\n\n‐\n\n‐\n\n-\n\nLimday S.A.\n\n‐\n\n‐\n\n‐\n\n7,390\n\n‐\n\n‐\n\n‐\n\n-\n\nFair value adjustment on investments\n\nTerminal de Combustíveis Paulínia S.A. (\"Opla\")\n\n‐\n\n‐\n\n‐\n\n37,225\n\n38,835\n\n(1,611\n\n)\n\n(2,493\n\n)\n\n-\n\nConcession Agreement - Baloto\n\n‐\n\n‐\n\n‐\n\n4,163\n\n‐\n\n‐\n\n‐\n\n-\n\nAdvances for investments\n\nAdvances for investments - Pão de Açúcar Group stations (ii)\n\n‐\n\n‐\n\n‐\n\n59,403\n\n90,000\n\n‐\n\n‐\n\n-\n\nAdvances for investments - Virtu GNL (iii)\n\n‐\n\n‐\n\n‐\n\n30,000\n\n‐\n\n‐\n\n‐\n\n-\n\nAdvances for investments - Blustone\n\n‐\n\n‐\n\n‐\n\n5,872\n\n‐\n\n‐\n\n‐\n\n-\n\nAdvances for future capital increase\n\nHidrovias do Brasil S.A. (i)\n\n‐\n\n‐\n\n‐\n\n‐\n\n500,000\n\n‐\n\n‐\n\n-\n\nTotal (A)\n\n445,322\n\n2,148,284\n\n(157,610\n\n)\n\n(129,675\n\n)\n\n11,908\n\nTotal provision for loss on investment (B)\n\n(76,059\n\n)\n\n(349\n\n)\n\nTotal investments (A-B)\n\n521,381\n\n2,148,633\n\nF-38\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n(i)\nOn May 8, 2025, the Company acquired the control and began to consolidate Hidrovias. For further details, see Note 27.b. The percentage of interest presented in the note refers to the last percentage before the acquisition of control.\n\n(ii)\nThe amount refers to the advance for the acquisition of Pão de Açúcar Group service stations by subsidiary Centro de Conveniências Millenium Ltda.\n\n(iii)\nThe amount refers to the advance for the acquisition of a 37.5% interest in Virtu GNL Participações S.A by subsidiary UVC Investimentos Ltda.\n\nThe financial position and income of subsidiaries which have relevant non-controlling interests is shown below:\n\nProportion of interest in share capital and voting rights held by non-controlling interests\n\nEquity attributable to non-controlling interests\n\nIncome allocated to non-controlling interests for the year\n\n12/31/2025\n\n12/31/2024\n\n12/31/2025\n\n12/31/2024\n\n2025\n\n2024\n\n2023\n\nSubsidiaries\n\n%\n\n%\n\nHidrovias do Brasil S.A. (i)\n\n41%\n\n-\n\n1,390,560\n\n‐\n\n(105,067\n\n)\n\n‐\n\n-\n\nIconic Lubrificantes S.A. (i)\n\n44%\n\n44%\n\n407,379\n\n484,986\n\n137,810\n\n135,428\n\n72,505\n\nUltragaz Comercializadora de Energia Ltda. (i)\n\n48%\n\n48%\n\n148,927\n\n116,249\n\n47,363\n\n25,082\n\n-\n\nOther investments\n\n-\n\n-\n\n117,479\n\n63,491\n\n7,949\n\n2,650\n\n5,453\n\n2,064,345\n\n664,726\n\n88,055\n\n163,160\n\n77,958\n\n(i)\nConsiders the effects of allocation of fair value adjustments related to non-controlling interests.\n\nThe summarized financial information of the associates and joint ventures relevant for the Company is presented below. The individual financial statements of these entities may differ from the financial information presented here, which is prepared considering Ultrapar's accounting policies and using the most recent financial information available.\n\nJoint ventures\n\nRPR\n\nOpla\n\nObrinel\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\n12/31/2024\n\n12/31/2023\n\n12/31/2025\n\nTotal assets\n\n671,468\n\n1,069,063\n\n844,959\n\n182,810\n\n190,626\n\n788,270\n\nTotal liabilities\n\n891,163\n\n1,062,982\n\n717,926\n\n63,422\n\n82,315\n\n582,460\n\nEquity\n\n(219,695\n\n)\n\n6,081\n\n127,033\n\n119,388\n\n108,311\n\n205,810\n\nNet revenue\n\n2,054,242\n\n2,177,747\n\n2,954,931\n\n60,281\n\n35,117\n\n103,845\n\nNet income (loss) for the year\n\n(235,921\n\n)\n\n(83,097\n\n)\n\n20,899\n\n8,324\n\n8,141\n\n51,073\n\nNumber of shares or units held\n\n1,719,491\n\n1,489\n\n5,078,888\n\n16,957,908\n\n33,915,815\n\n661,904,939\n\nInterest in share capital - %\n\n33\n\n50\n\n33.14\n\n50\n\n50.00\n\n49\n\nF-39\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nBalances and changes in investments in subsidiaries, joint ventures and associates are as follows:\n\nJoint ventures\n\nAssociates\n\nAdvances\n\nAdvances for future capital increase\n\nOther investments\n\nTotal\n\nBalance as of December 31, 2022 (i)\n\n106,843\n\n4,384\n\n-\n\n-\n\n-\n\n111,227\n\nShare of profit (loss) of subsidiaries, joint ventures and associates (*)\n\n9,840\n\n2,068\n\n-\n\n-\n\n-\n\n11,908\n\nDividends\n\n(11,072\n\n)\n\n(2,200\n\n)\n\n-\n\n-\n\n-\n\n(13,272\n\n)\n\nEquity instrument granted (ii)\n\n899\n\n‐\n\n-\n\n-\n\n-\n\n899\n\nAcquisition of Terminal de Combustíveis Paulínia S.A. (\"Opla\")\n\n210,096\n\n‐\n\n-\n\n-\n\n-\n\n210,096\n\nCapital decrease\n\n(3,100\n\n)\n\n‐\n\n-\n\n-\n\n-\n\n(3,100\n\n)\n\nOther movements\n\n342\n\n‐\n\n-\n\n-\n\n-\n\n342\n\nBalance as of December 31, 2023 (i)\n\n313,848\n\n4,252\n\n‐\n\n‐\n\n‐\n\n318,100\n\nShare of profit (loss) of subsidiaries, joint ventures and associates (*)\n\n(34,625\n\n)\n\n(92,557\n\n)\n\n‐\n\n‐\n\n‐\n\n(127,182\n\n)\n\nAmortization of fair value adjustments\n\n(2,493\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n(2,493\n\n)\n\nDividends\n\n‐\n\n(1,196\n\n)\n\n‐\n\n‐\n\n‐\n\n(1,196\n\n)\n\nEquity instrument granted (ii)\n\n‐\n\n1,540\n\n‐\n\n‐\n\n‐\n\n1,540\n\nAccumulated other comprehensive income\n\n(2,427\n\n)\n\n37,458\n\n‐\n\n‐\n\n‐\n\n35,031\n\nCapital increase in cash\n\n‐\n\n42,985\n\n‐\n\n‐\n\n‐\n\n42,985\n\nCapital decrease in shares\n\n(522\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n(522\n\n)\n\nAdvances for investments - GPA stations\n\n‐\n\n‐\n\n90,000\n\n‐\n\n‐\n\n90,000\n\nAcquisition of shares of Hidrovias do Brasil S.A.\n\n‐\n\n647,201\n\n‐\n\n‐\n\n‐\n\n647,201\n\nTransfers of financial assets to investments (iii)\n\n‐\n\n645,333\n\n‐\n\n‐\n\n‐\n\n645,333\n\nAdvance for future capital\n\n‐\n\n-\n\n‐\n\n500,000\n\n‐\n\n500,000\n\nOther movements\n\n599\n\n(1,112\n\n)\n\n‐\n\n‐\n\n‐\n\n(513\n\n)\n\nBalance as of December 31, 2024 (i)\n\n274,380\n\n1,283,904\n\n90,000\n\n500,000\n\n‐\n\n2,148,284\n\nShare of profit (loss) of subsidiaries, joint ventures and associates (*)\n\n(60,357\n\n)\n\n(95,642\n\n)\n\n‐\n\n‐\n\n‐\n\n(155,999\n\n)\n\nAmortization of fair value adjustments\n\n(1,611\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n(1,611\n\n)\n\nDividends\n\n(8,057\n\n)\n\n(591\n\n)\n\n‐\n\n‐\n\n‐\n\n(8,648\n\n)\n\nAccumulated other comprehensive income\n\n1,061\n\n7,722\n\n‐\n\n‐\n\n‐\n\n8,783\n\nTranslation adjustments of foreign subsidiaries\n\n(3,612\n\n)\n\n‐\n\n‐\n\n‐\n\n(271\n\n)\n\n(3,883\n\n)\n\nAdvances for future capital increase and capital contribution\n\n20,819\n\n‐\n\n‐\n\n‐\n\n‐\n\n20,819\n\nAdvances for investments - GPA stations\n\n‐\n\n‐\n\n(30,597\n\n)\n\n‐\n\n‐\n\n(30,597\n\n)\n\nAdvances for investments - Virtu GNL (iv)\n\n‐\n\n‐\n\n30,000\n\n‐\n\n‐\n\n30,000\n\nAdvances for investments – Blustone\n\n‐\n\n‐\n\n5,872\n\n‐\n\n‐\n\n5,872\n\nAcquisition of shares\n\n-\n\n273,325\n\n-\n\n-\n\n-\n\n273,325\n\nAcquisition of control of Hidrovias do Brasil S.A. (v)\n\n117,276\n\n(1,461,946\n\n)\n\n‐\n\n(500,000\n\n)\n\n4,434\n\n(1,840,236\n\n)\n\nOther movements\n\n2,306\n\n(3,093\n\n)\n\n‐\n\n‐\n\n‐\n\n(787\n\n)\n\nBalance as of December 31, 2025 (i)\n\n342,205\n\n3,679\n\n95,275\n\n‐\n\n4,163\n\n445,322\n\nF-40\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n(*)\nAdjusted for unrealized profits between subsidiaries.\n\n(i)\nInvestments in subsidiaries, joint ventures and associates net of provision for loss on investment.\n\n(ii)\nAmounts refer to grants of long-term incentives in subsidiaries Ultra Mobilidade, Companhia Ultragaz, Ultracargo Logística and Ultra Logística.\n\n(iii)\nReclassification of the portion of the investment attributed to the sale of the Cabotage operation of subsidiary Hidrovias, according to the opening balance of acquisition of control of Hidrovias. For further details, see Note 28.\n\n(iv)\n\nThe amount refers to the advance for the acquisition of a 37.5% interest in Virtu GNL Participações S.A by subsidiary UVC Investimentos Ltda.\n\n(v)\nAmounts refer to the write-off of the investment in Hidrovias as an associate through the acquisition of control and consolidation that occurred on May 8, 2025. For further details, see Note 27.b. Additionally, due to the consolidation of Hidrovias, its joint ventures are now included in the consolidated in the amount of R$ 117,276.\n\n[12. Right-of-use assets and leases payable](#TOC)\n\nAccounting policy\n\nThe Company and its subsidiaries recognize in the statement of financial position right-of-use assets and the respective lease liabilities calculated at the present value of future lease payments, discounted by the Company’s incremental loan rate, plus the direct costs associated with the lease contract. Right-of-use assets include amounts related to port area leases grants.\n\nThe remeasurement of assets and liabilities based on the contractual index is recognized in the statement of financial position, not having an effect on the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result, considering, if it is the case, any penalties provided in contractual clauses. The Company and its subsidiaries have no intention of purchasing these assets.\n\nThe amortization expenses of right-of-use assets is recognized in the statement of income over the lease contract term. When the right-of-use asset is used in the construction of the property, plant, and equipment (“PP&E”), its amortization is capitalized until the asset under construction is completed. The liability is increased for interest and decreased by lease payments made. The interest is recognized in the statement of income using the effective interest rate method.\n\nFor short-term leases of 12 months or less and lease contracts of low-value assets, which do not have a purchase option at the end of the contract the Company and its subsidiaries recognize the lease expense in the statement of income as incurred over the lease term.\n\nThe Company and certain subsidiaries have leases, substantially related to: (i) Ipiranga: fuel stations and distribution bases; (ii) Ultragaz: points of sale and bottling bases; (iii) Ultracargo: port areas; (iv) Hidrovias: port areas and vessels and (v) Company: offices.\n\nF-41\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\na. Right-of-use assets\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2024\n\nAdditions and remeasurement\n\nWrite-offs\n\nTransfers (i)\n\nTranslation adjustment\n\nAmortization\n\nOpening balance – Acquisition of subsidiaries (ii)\n\nBalance as of December 31, 2025\n\nCost:\n\nReal estate\n\n8\n\n1,987,115\n\n180,352\n\n(261,618\n\n)\n\n(621,148\n\n)\n\n(270\n\n)\n\n‐\n\n223,077\n\n1,507,508\n\nPort areas\n\n28\n\n343,739\n\n36,014\n\n(491\n\n)\n\n632,509\n\n‐\n\n‐\n\n113,132\n\n1,124,903\n\nVehicles\n\n4\n\n357,094\n\n151,955\n\n(88,722\n\n)\n\n(3,646\n\n)\n\n(53\n\n)\n\n‐\n\n2,855\n\n419,483\n\nEquipment\n\n2\n\n33,645\n\n28,523\n\n(2,180\n\n)\n\n(23,960\n\n)\n\n‐\n\n‐\n\n21,448\n\n57,476\n\nVessels\n\n8\n\n‐\n\n‐\n\n(52,220\n\n)\n\n7,848\n\n(3,125\n\n)\n\n‐\n\n129,300\n\n81,803\n\nOthers\n\n10\n\n27,846\n\n3,914\n\n‐\n\n21,499\n\n‐\n\n‐\n\n‐\n\n53,259\n\n2,749,439\n\n400,758\n\n(405,231\n\n)\n\n13,102\n\n(3,448\n\n)\n\n‐\n\n489,812\n\n3,244,432\n\nAccumulated amortization:\n\nReal estate\n\n‐\n\n(823,733\n\n)\n\n‐\n\n188,340\n\n120,476\n\n83\n\n(169,104\n\n)\n\n(42,249\n\n)\n\n(726,187\n\n)\n\nPort areas\n\n‐\n\n(52,692\n\n)\n\n‐\n\n480\n\n(130,882\n\n)\n\n‐\n\n(45,807\n\n)\n\n(38,755\n\n)\n\n(267,656\n\n)\n\nVehicles\n\n‐\n\n(169,836\n\n)\n\n‐\n\n70,925\n\n6,300\n\n9\n\n(115,029\n\n)\n\n(927\n\n)\n\n(208,558\n\n)\n\nEquipment\n\n‐\n\n(6,007\n\n)\n\n‐\n\n1,667\n\n2,275\n\n‐\n\n(15,864\n\n)\n\n(15,346\n\n)\n\n(33,275\n\n)\n\nVessels\n\n‐\n\n‐\n\n‐\n\n32,501\n\n(5,612\n\n)\n\n1,707\n\n(17,543\n\n)\n\n(60,604\n\n)\n\n(49,551\n\n)\n\nOthers\n\n‐\n\n(25,847\n\n)\n\n‐\n\n‐\n\n(882\n\n)\n\n‐\n\n(3,782\n\n)\n\n‐\n\n(30,511\n\n)\n\n(1,078,115\n\n)\n\n‐\n\n293,913\n\n(8,325\n\n)\n\n1,799\n\n(367,129\n\n)\n\n(157,881\n\n)\n\n(1,315,738\n\n)\n\nRight-of-use assets\n\n1,671,324\n\n400,758\n\n(111,318\n\n)\n\n4,777\n\n(1,649\n\n)\n\n(367,129\n\n)\n\n331,931\n\n1,928,694\n\n(i)\nRefers to a transfer received from property, plant and equipment - construction in progress, in the amount of R$ 4,777.\n\n(ii)\nThe total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nF-42\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2023\n\nAdditions and remeasurement (i)\n\nWrite-offs\n\nTransfers (ii)\n\nAmortization\n\nBalance as of December 31, 2024\n\nCost:\n\nReal estate\n\n9\n\n1,998,866\n\n196,194\n\n(207,945\n\n)\n\n‐\n\n‐\n\n1,987,115\n\nPort areas\n\n32\n\n314,964\n\n2,025\n\n‐\n\n26,750\n\n‐\n\n343,739\n\nVehicles\n\n3\n\n270,388\n\n143,043\n\n(56,337\n\n)\n\n‐\n\n‐\n\n357,094\n\nEquipment\n\n3\n\n38,278\n\n5,958\n\n(10,591\n\n)\n\n‐\n\n‐\n\n33,645\n\nOthers\n\n20\n\n27,846\n\n‐\n\n‐\n\n‐\n\n‐\n\n27,846\n\n2,650,342\n\n347,220\n\n(274,873\n\n)\n\n26,750\n\n‐\n\n2,749,439\n\nAccumulated amortization:\n\nReal estate\n\n‐\n\n(753,198\n\n)\n\n‐\n\n131,716\n\n(4,402\n\n)\n\n(197,849\n\n)\n\n(823,733\n\n)\n\nPort areas\n\n‐\n\n(44,620\n\n)\n\n‐\n\n‐\n\n-\n\n(8,072\n\n)\n\n(52,692\n\n)\n\nVehicles\n\n‐\n\n(109,967\n\n)\n\n‐\n\n35,669\n\n‐\n\n(95,538\n\n)\n\n(169,836\n\n)\n\nEquipment\n\n‐\n\n(5,184\n\n)\n\n‐\n\n9,778\n\n‐\n\n(10,601\n\n)\n\n(6,007\n\n)\n\nOthers\n\n‐\n\n(25,847\n\n)\n\n‐\n\n‐\n\n‐\n\n-\n\n(25,847\n\n)\n\n(938,816\n\n)\n\n‐\n\n177,163\n\n(4,402\n\n)\n\n(312,060\n\n)\n\n(1,078,115\n\n)\n\nRight-of-use assets\n\n1,711,526\n\n347,220\n\n(97,710\n\n)\n\n22,348\n\n(312,060\n\n)\n\n1,671,324\n\n(i)\nConsiders R$ 342,332 referring to additions and remeasurements between right-of-use assets and leases payable.\n\n(ii)\nRefers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation. Additionally, the cost includes the advance balance of the grant of Maceió carried out in Ipiranga.\n\nWeighted average useful life (years)\n\nBalance as of 12/31/2022\n\nAdditions and remeasurement (i)\n\nWrite-offs\n\nTransfers (ii)\n\nAmortization\n\nAcquisition of subsidiary (iii)\n\nBalance as of 12/31/2023\n\nCost:\n\nReal estate\n\n10\n\n2,019,898\n\n140,245\n\n(165,551\n\n)\n\n‐\n\n‐\n\n4,274\n\n1,998,866\n\nPort areas\n\n29\n\n311,174\n\n3,790\n\n‐\n\n‐\n\n‐\n\n‐\n\n314,964\n\nVehicles\n\n4\n\n186,455\n\n120,705\n\n(71,781\n\n)\n\n‐\n\n‐\n\n35,009\n\n270,388\n\nEquipment\n\n5\n\n26,345\n\n12,910\n\n(1,973\n\n)\n\n‐\n\n‐\n\n996\n\n38,278\n\nOthers\n\n20\n\n27,846\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n27,846\n\n2,571,718\n\n277,650\n\n(239,305\n\n)\n\n‐\n\n‐\n\n40,279\n\n2,650,342\n\nAccumulated amortization:\n\nReal estate\n\n‐\n\n(634,688\n\n)\n\n‐\n\n95,896\n\n(4,491\n\n)\n\n(209,522\n\n)\n\n(393\n\n)\n\n(753,198\n\n)\n\nPort areas\n\n‐\n\n(36,773\n\n)\n\n‐\n\n‐\n\n‐\n\n(7,847\n\n)\n\n‐\n\n(44,620\n\n)\n\nVehicles\n\n‐\n\n(83,902\n\n)\n\n‐\n\n63,708\n\n‐\n\n(80,661\n\n)\n\n(9,112\n\n)\n\n(109,967\n\n)\n\nEquipment\n\n‐\n\n(2,850\n\n)\n\n‐\n\n1,974\n\n‐\n\n(4,151\n\n)\n\n(157\n\n)\n\n(5,184\n\n)\n\nOthers\n\n‐\n\n(22,128\n\n)\n\n‐\n\n‐\n\n‐\n\n(3,719\n\n)\n\n‐\n\n(25,847\n\n)\n\n(780,341\n\n)\n\n‐\n\n161,578\n\n(4,491\n\n)\n\n(305,900\n\n)\n\n(9,662\n\n)\n\n(938,816\n\n)\n\nNet amount\n\n1,791,377\n\n277,650\n\n(77,727\n\n)\n\n(4,491\n\n)\n\n(305,900\n\n)\n\n30,617\n\n1,711,526\n\n(i)\nConsiders R$ 257,201 referring to additions and remeasurements between right-of-use assets and leases payable.\n\n(ii)\nRefers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation.\n\n(iii)\n\nFor further information, see Note 27.\n\nF-43\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb. Leases payable\n\nThe changes in leases payable are shown below:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nOpening balance\n\n1,485,152\n\n1,523,934\n\n1,523,769\n\nInterest accrued\n\n153,247\n\n133,767\n\n143,005\n\nPayments of leases and interest\n\n(480,722\n\n)\n\n(433,488\n\n)\n\n(359,113\n\n)\n\nAdditions and remeasurement\n\n400,758\n\n342,332\n\n257,201\n\nWrite-offs\n\n(104,637\n\n)\n\n(81,393\n\n)\n\n(71,569\n\n)\n\nOpening balance - acquisition of subsidiaries (i)\n\n287,589\n\n-\n\n30,641\n\nMonetary variations and foreign exchange variations\n\n(1,754\n\n)\n\n-\n\n-\n\nClosing balance\n\n1,739,633\n\n1,485,152\n\n1,523,934\n\nCurrent\n\n343,725\n\n316,460\n\n311,426\n\nNon-current\n\n1,395,908\n\n1,168,692\n\n1,212,508\n\n(i)\nThe total amounts of acquisitions made by the Company in 2025 are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nThe undiscounted future cash outflows are presented below:\n\n12/31/2025\n\n12/31/2024\n\nUp to 1 year\n\n483,696\n\n355,336\n\n1 to 2 years\n\n339,415\n\n282,945\n\n2 to 3 years\n\n265,036\n\n240,984\n\n3 to 4 years\n\n220,813\n\n188,002\n\n4 to 5 years\n\n172,465\n\n158,559\n\nMore than 5 years\n\n1,246,359\n\n891,997\n\nTotal\n\n2,727,784\n\n2,117,823\n\nThe contracts of leases payable are substantially indexed by the IGP-M.\n\nF-44\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb.1. Discount rates\n\nThe weighted nominal average discount rates for the lease contracts of the Company are:\n\nContracts by maturity date and discount rate\n\nMaturity dates of the contracts\n\nRate (% p.a.)\n\nFrom 1 to 5 years\n\n11.78%\n\nFrom 6 to 10 years\n\n11.16%\n\nFrom 11 to 15 years\n\n10.95%\n\nMore than 15 years\n\n10.56%\n\nc. Lease contracts of low-value assets and short-term leases\n\nUp to 1 year\n\nBetween 1 and 5 years\n\nTotal\n\n12/31/2025\n\n8,825\n\n9,191\n\n18,016\n\n12/31/2024\n\n8,022\n\n2,637\n\n10,659\n\nThe amount of leases considered as of low value, short term and variable payments, recognized as an expense for the year ended December 31, 2025 was R$ 13,336 (R$ 9,850 for the year ended December 31, 2024 and R$ 7,794 for the year ended December 31, 2023).\n\n[13. Property, plant, and equipment](#TOC)\n\nAccounting policy\n\nProperty, plant and equipment items are measured at acquisition or construction cost, which also includes costs directly attributable to bringing the asset to operating conditions, including borrowing costs on qualifying assets and non-recoverable taxes, as well as, when applicable, the estimated costs of dismantling and removing property, plant and equipment and restoring the site where the asset is located, less accumulated depreciation and impairment losses. The borrowing costs related to funds raised for construction in progress shall be capitalized until the completion of these projects.\n\nDepreciation is calculated using the straight-line method, taking into consideration the estimated useful lives of the assets, which are reviewed annually. Leasehold improvements are depreciated over the shorter of the contract term and the useful life of the asset.\n\nF-45\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2024\n\nAdditions\n\nDepreciation\n\nTransfers (i)\n\nWrite-offs\n\nTranslation adjustment\n\nOpening balance – acquisition of subsidiaries (ii)\n\nBalance as of December 31, 2025\n\nCost:\n\nLand\n\n-\n\n609,624\n\n5,626\n\n‐\n\n455\n\n(19,255\n\n)\n\n-\n\n204,984\n\n801,434\n\nBuildings\n\n25\n\n1,745,097\n\n52,256\n\n‐\n\n90,162\n\n(23,809\n\n)\n\n-\n\n737,124\n\n2,600,830\n\nLeasehold improvements\n\n15\n\n1,415,342\n\n48,630\n\n‐\n\n114,368\n\n(95,624\n\n)\n\n(2,416\n\n)\n\n239,373\n\n1,719,673\n\nMachinery and equipment\n\n12\n\n3,758,370\n\n192,271\n\n‐\n\n663,739\n\n(316,969\n\n)\n\n(1,351\n\n)\n\n696,873\n\n4,992,933\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n15\n\n3,199,426\n\n72,100\n\n‐\n\n206,998\n\n(147,777\n\n)\n\n‐\n\n1,976\n\n3,332,723\n\nPush boats, barges, ships\n\n18\n\n‐\n\n25,597\n\n‐\n\n52,842\n\n‐\n\n(104,287\n\n)\n\n4,141,734\n\n4,115,886\n\nLPG tanks and bottles\n\n8\n\n1,085,787\n\n88,927\n\n‐\n\n24,082\n\n(44,668\n\n)\n\n‐\n\n11,618\n\n1,165,746\n\nVehicles\n\n6\n\n395,885\n\n28,775\n\n‐\n\n2,458\n\n(41,863\n\n)\n\n(17\n\n)\n\n31,099\n\n416,337\n\nFurniture and fixtures\n\n9\n\n221,572\n\n17,835\n\n‐\n\n(3,438\n\n)\n\n(12,808\n\n)\n\n(15\n\n)\n\n5,141\n\n228,287\n\nIT equipment\n\n5\n\n321,250\n\n23,822\n\n‐\n\n14,903\n\n(23,891\n\n)\n\n(85\n\n)\n\n40,200\n\n376,199\n\nConstruction in progress\n\n-\n\n1,347,892\n\n1,064,544\n\n‐\n\n(1,146,389\n\n)\n\n(5,909\n\n)\n\n(456\n\n)\n\n236,654\n\n1,496,336\n\nAdvances to suppliers\n\n-\n\n44,966\n\n18,445\n\n‐\n\n(42,006\n\n)\n\n(7\n\n)\n\n‐\n\n(59\n\n)\n\n21,339\n\nImports in progress\n\n-\n\n3,128\n\n4,565\n\n‐\n\n(3,128\n\n)\n\n‐\n\n‐\n\n‐\n\n4,565\n\n14,148,339\n\n1,643,393\n\n‐\n\n(24,954\n\n)\n\n(732,580\n\n)\n\n(108,627\n\n)\n\n6,346,717\n\n21,272,288\n\nAccumulated depreciation:\n\nBuildings\n\n‐\n\n(558,622\n\n)\n\n‐\n\n(93,027\n\n)\n\n(4,370\n\n)\n\n10,768\n\n-\n\n(227,469\n\n)\n\n(872,720\n\n)\n\nLeasehold improvements\n\n‐\n\n(748,916\n\n)\n\n‐\n\n(77,318\n\n)\n\n(216\n\n)\n\n92,438\n\n921\n\n(55,574\n\n)\n\n(788,665\n\n)\n\nMachinery and equipment\n\n‐\n\n(2,347,962\n\n)\n\n‐\n\n(282,345\n\n)\n\n(466\n\n)\n\n306,344\n\n264\n\n(401,695\n\n)\n\n(2,725,860\n\n)\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n‐\n\n(2,122,684\n\n)\n\n‐\n\n(135,236\n\n)\n\n9,913\n\n140,403\n\n‐\n\n(8\n\n)\n\n(2,107,612\n\n)\n\nPush boats, barges, ships\n\n‐\n\n‐\n\n‐\n\n(119,248\n\n)\n\n6\n\n‐\n\n33,528\n\n(1,139,101\n\n)\n\n(1,224,815\n\n)\n\nLPG tanks and bottles\n\n‐\n\n(670,068\n\n)\n\n‐\n\n(97,768\n\n)\n\n(7,968\n\n)\n\n38,451\n\n‐\n\n(1,076\n\n)\n\n(738,429\n\n)\n\nVehicles\n\n‐\n\n(154,622\n\n)\n\n‐\n\n(39,411\n\n)\n\n(1,206\n\n)\n\n9,328\n\n19\n\n(17,833\n\n)\n\n(203,725\n\n)\n\nFurniture and fixtures\n\n‐\n\n(142,493\n\n)\n\n‐\n\n(16,614\n\n)\n\n(510\n\n)\n\n9,245\n\n3\n\n(1,362\n\n)\n\n(151,731\n\n)\n\nIT equipment\n\n‐\n\n(265,675\n\n)\n\n‐\n\n(28,755\n\n)\n\n837\n\n23,170\n\n(79\n\n)\n\n(20,949\n\n)\n\n(291,451\n\n)\n\n(7,011,042\n\n)\n\n‐\n\n(889,722\n\n)\n\n(3,980\n\n)\n\n630,147\n\n34,656\n\n(1,865,067\n\n)\n\n(9,105,008\n\n)\n\nProvision for impairment losses\n\n(1,331\n\n)\n\n‐\n\n‐\n\n‐\n\n1,148\n\n‐\n\n‐\n\n(183\n\n)\n\nProperty, plant and equipment, net\n\n7,135,966\n\n1,643,393\n\n(889,722\n\n)\n\n(28,934\n\n)\n\n(101,285\n\n)\n\n(73,971\n\n)\n\n4,481,650\n\n12,167,097\n\n(i)\nRefers to transfers of R$ 24,157 to intangible assets and R$ 4,777 to right-of-use assets.\n\n(ii)\nThe total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nF-46\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2023\n\nAdditions\n\nDepreciation\n\nTransfers (i)\n\nWrite-offs\n\nAcquisition of subsidiaries\n\nBalance as of December 31, 2024\n\nCost:\n\nLand\n\n-\n\n607,152\n\n12,968\n\n‐\n\n5,073\n\n(15,569\n\n)\n\n-\n\n609,624\n\nBuildings\n\n31\n\n1,646,996\n\n8,904\n\n‐\n\n149,065\n\n(61,770\n\n)\n\n1,902\n\n1,745,097\n\nLeasehold improvements\n\n15\n\n1,292,998\n\n37,867\n\n‐\n\n99,777\n\n(15,300\n\n)\n\n-\n\n1,415,342\n\nMachinery and equipment\n\n11\n\n3,530,184\n\n143,782\n\n‐\n\n99,603\n\n(16,382\n\n)\n\n1,183\n\n3,758,370\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n14\n\n3,361,637\n\n80,317\n\n‐\n\n70,966\n\n(327,319\n\n)\n\n13,825\n\n3,199,426\n\nLPG tanks and bottles\n\n8\n\n1,006,398\n\n116,503\n\n‐\n\n-\n\n(37,114\n\n)\n\n-\n\n1,085,787\n\nVehicles\n\n8\n\n371,434\n\n111,735\n\n‐\n\n(29,884\n\n)\n\n(62,657\n\n)\n\n5,257\n\n395,885\n\nFurniture and fixtures\n\n8\n\n212,640\n\n12,649\n\n‐\n\n(154\n\n)\n\n(3,965\n\n)\n\n402\n\n221,572\n\nIT equipment\n\n5\n\n318,721\n\n12,259\n\n‐\n\n(5,950\n\n)\n\n(3,780\n\n)\n\n-\n\n321,250\n\nConstruction in progress\n\n-\n\n783,496\n\n1,022,967\n\n‐\n\n(455,740\n\n)\n\n(2,831\n\n)\n\n‐\n\n1,347,892\n\nAdvances to suppliers\n\n-\n\n32,557\n\n19,834\n\n‐\n\n(6,558\n\n)\n\n(867\n\n)\n\n‐\n\n44,966\n\nImports in progress\n\n-\n\n3,107\n\n3,127\n\n‐\n\n(3,106\n\n)\n\n‐\n\n‐\n\n3,128\n\n13,167,320\n\n1,582,912\n\n‐\n\n(76,908\n\n)\n\n(547,554\n\n)\n\n22,569\n\n14,148,339\n\nAccumulated depreciation:\n\nBuildings\n\n‐\n\n(536,518\n\n)\n\n‐\n\n(54,110\n\n)\n\n4,126\n\n28,014\n\n(134\n\n)\n\n(558,622\n\n)\n\nLeasehold improvements\n\n‐\n\n(683,187\n\n)\n\n‐\n\n(75,957\n\n)\n\n1,798\n\n8,430\n\n-\n\n(748,916\n\n)\n\nMachinery and equipment\n\n‐\n\n(2,147,842\n\n)\n\n‐\n\n(208,103\n\n)\n\n1,776\n\n6,612\n\n(405\n\n)\n\n(2,347,962\n\n)\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n‐\n\n(2,238,843\n\n)\n\n‐\n\n(164,248\n\n)\n\n(7,870)\n\n289,359\n\n(1,082\n\n)\n\n(2,122,684\n\n)\n\nLPG tanks and bottles\n\n‐\n\n(605,298\n\n)\n\n‐\n\n(92,219\n\n)\n\n-\n\n27,449\n\n-\n\n(670,068\n\n)\n\nVehicles\n\n‐\n\n(181,511\n\n)\n\n‐\n\n(35,066\n\n)\n\n35,776\n\n26,792\n\n(613\n\n)\n\n(154,622\n\n)\n\nFurniture and fixtures\n\n‐\n\n(130,117\n\n)\n\n‐\n\n(15,718\n\n)\n\n642\n\n2,784\n\n(84\n\n)\n\n(142,493\n\n)\n\nIT equipment\n\n‐\n\n(254,952\n\n)\n\n‐\n\n(22,246\n\n)\n\n8,136\n\n3,387\n\n-\n\n(265,675\n\n)\n\n(6,778,268\n\n)\n\n‐\n\n(667,667\n\n)\n\n44,384\n\n392,827\n\n(2,318\n\n)\n\n(7,011,042\n\n)\n\nProvision for impairment losses\n\n(1,471\n\n)\n\n(21\n\n)\n\n‐\n\n‐\n\n161\n\n‐\n\n(1,331\n\n)\n\nProperty, plant and equipment, net\n\n6,387,581\n\n1,582,891\n\n(667,667\n\n)\n\n(32,524\n\n)\n\n(154,566\n\n)\n\n20,251\n\n7,135,966\n\n(i)\nThe remaining balance refers to R$ 22,348 transferred to right-of-use assets and R$ 10,176 transferred to intangible assets.\n\nF-47\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nWeighted average useful life (years)\n\nBalance as of 12/31/2022\n\nAdditions\n\nDepreciation\n\nTransfers (i)\n\nWrite-offs\n\nAcquisition of subsidiaries\n\nBalance as\nof\n12/31/2023\n\nCost:\n\nLand\n\n-\n\n619,116\n\n1,053\n\n‐\n\n3,316\n\n(16,369\n\n)\n\n36\n\n607,152\n\nBuildings\n\n31\n\n1,532,506\n\n27,100\n\n‐\n\n198,398\n\n(111,899\n\n)\n\n891\n\n1,646,996\n\nLeasehold improvements\n\n11\n\n1,169,326\n\n30,348\n\n‐\n\n90,557\n\n(12,458\n\n)\n\n15,225\n\n1,292,998\n\nMachinery and equipment\n\n11\n\n3,186,759\n\n111,726\n\n‐\n\n133,554\n\n(14,634\n\n)\n\n112,779\n\n3,530,184\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n13\n\n3,213,123\n\n86,714\n\n‐\n\n143,010\n\n(92,744\n\n)\n\n11,534\n\n3,361,637\n\nLPG tanks and bottles\n\n8\n\n920,287\n\n129,567\n\n‐\n\n431\n\n(43,887\n\n)\n\n-\n\n1,006,398\n\nVehicles\n\n8\n\n325,094\n\n24,661\n\n‐\n\n1,351\n\n(9,473\n\n)\n\n29,801\n\n371,434\n\nFurniture and fixtures\n\n9\n\n201,708\n\n12,326\n\n‐\n\n1,649\n\n(4,547\n\n)\n\n1,504\n\n212,640\n\nIT equipment\n\n5\n\n303,023\n\n19,787\n\n‐\n\n4,516\n\n(10,750\n\n)\n\n2,145\n\n318,721\n\nConstruction in progress\n\n-\n\n694,726\n\n650,828\n\n‐\n\n(567,114\n\n)\n\n‐\n\n5,056\n\n783,496\n\nAdvances to suppliers\n\n-\n\n18,139\n\n20,501\n\n‐\n\n(6,263\n\n)\n\n‐\n\n180\n\n32,557\n\nImports in progress\n\n-\n\n902\n\n2,205\n\n‐\n\n‐\n\n‐\n\n3,107\n\n12,184,709\n\n1,116,816\n\n‐\n\n3,405\n\n(316,761\n\n)\n\n179,151\n\n13,167,320\n\nAccumulated depreciation:\n\nBuildings\n\n(591,812\n\n)\n\n‐\n\n(46,187\n\n)\n\n‐\n\n101,919\n\n(438\n\n)\n\n(536,518\n\n)\n\nLeasehold improvements\n\n(618,256\n\n)\n\n‐\n\n(71,139\n\n)\n\n‐\n\n8,858\n\n(2,650\n\n)\n\n(683,187\n\n)\n\nMachinery and equipment\n\n(1,926,954\n\n)\n\n‐\n\n(194,666\n\n)\n\n‐\n\n13,499\n\n(39,721\n\n)\n\n(2,147,842\n\n)\n\nAutomotive fuel/lubricant distribution equipment and facilities\n\n(2,113,657\n\n)\n\n‐\n\n(181,233\n\n)\n\n‐\n\n60,982\n\n(4,935\n\n)\n\n(2,238,843\n\n)\n\nLPG tanks and bottles\n\n(557,260\n\n)\n\n‐\n\n(83,777\n\n)\n\n‐\n\n35,739\n\n-\n\n(605,298\n\n)\n\nVehicles\n\n(154,177\n\n)\n\n‐\n\n(29,483\n\n)\n\n‐\n\n5,608\n\n(3,459\n\n)\n\n(181,511\n\n)\n\nFurniture and fixtures\n\n(118,438\n\n)\n\n‐\n\n(14,032\n\n)\n\n3,052\n\n(699\n\n)\n\n(130,117\n\n)\n\nIT equipment\n\n(239,978\n\n)\n\n‐\n\n(23,721\n\n)\n\n10,058\n\n(1,311\n\n)\n\n(254,952\n\n)\n\n(6,320,532\n\n)\n\n‐\n\n(644,238\n\n)\n\n‐\n\n239,715\n\n(53,213\n\n)\n\n(6,778,268\n\n)\n\nProvision for impairment losses\n\n(1,764\n\n)\n\n(89\n\n)\n\n‐\n\n‐\n\n382\n\n‐\n\n(1,471\n\n)\n\nNet amount\n\n5,862,413\n\n1,116,727\n\n(644,238\n\n)\n\n3,405\n\n(76,664\n\n)\n\n125,938\n\n6,387,581\n\n(i)\nRefers to R$ 1,086 transferred to intangible assets and R$ 4,491 transferred from right-of-use assets.\n\nConstruction in progress relates substantially to expansions, renovations, constructions and upgrade of the terminals’ assets, service stations, tanks, barges and distribution bases.\n\nAdvances to suppliers are basically related to manufacturing of assets for expansion of terminals, distribution bases and acquisition of real estate.\n\n[14. Intangible assets](#TOC)\n\nAccounting policy\n\nIntangible assets include assets acquired from third parties, and are recognized according to the criteria below:\n\n• Goodwill is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identifiable assets and liabilities assumed of the acquired entity. Goodwill is tested for impairment annually or more frequently when there is indication that the goodwill might be impaired. Goodwill is allocated to the cash generating units, which represent the lowest level at which goodwill is monitored for impairment testing purposes.\n\n• Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the amount paid on acquisition and amortized using the straight-line method, according to their useful lives, and are reviewed annually.\n\nF-48\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n• The decarbonization credits (“CBIOS”) acquired are recorded at historical cost in intangible assets, being prescribed according to decree in the year to fulfill the individual target set by the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) and are not amortized. These assets are used to settle the annual decarbonization obligation adopted by Brazilian National Biofuels Policy (“RenovaBio”), implemented by Law No. 13,576/2017, with additional regulations established by Decree No. 9,888/2019 and Ordinance No. 419 of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy. The obligation is recorded under a specific line item of the statement of financial position and is measured according to the target established by the ANP, through the average acquisition cost of credits acquired or the fair value of credits traded on B3 on the closing date for the credits to be acquired.\n\nThe Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life.\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2024\n\nAdditions\n\nAmortization\n\nTransfers (i)\n\nWrite-offs\n\nTranslation adjustment\n\nAcquisition of subsidiaries (ii)\n\nBalance as of December 31, 2025\n\nCost:\n\nGoodwill (a)\n\n-\n\n982,359\n\n‐\n\n‐\n\n‐\n\n(51,100\n\n)\n\n‐\n\n436,187\n\n1,367,446\n\nSoftware (b)\n\n5\n\n1,707,645\n\n330,898\n\n‐\n\n13,486\n\n(34,494\n\n)\n\n(1,604\n\n)\n\n146,530\n\n2,162,461\n\nCustomer contracts\n\n12\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(210\n\n)\n\n838,359\n\n838,149\n\nDistribution rights\n\n13\n\n176,687\n\n40,932\n\n‐\n\n8,918\n\n‐\n\n‐\n\n29,092\n\n255,629\n\nBrands (c)\n\n-\n\n61,366\n\n‐\n\n‐\n\n‐\n\n(11\n\n)\n\n‐\n\n-\n\n61,355\n\nTrademark rights (c)\n\n30\n\n121,001\n\n28\n\n‐\n\n9,868\n\n‐\n\n‐\n\n‐\n\n130,897\n\nIntangible assets in progress\n\n‐\n\n‐\n\n13,409\n\n‐\n\n(6,223\n\n)\n\n(2,204\n\n)\n\n-\n\n34,438\n\n39,420\n\nDecarbonization credits (CBIO)\n\n-\n\n322\n\n370,501\n\n‐\n\n‐\n\n(370,823\n\n)\n\n‐\n\n‐\n\n‐\n\nOthers\n\n3\n\n10,611\n\n61\n\n‐\n\n4,151\n\n(43\n\n)\n\n‐\n\n1,690\n\n16,470\n\n3,059,991\n\n755,829\n\n‐\n\n30,200\n\n(458,675\n\n)\n\n(1,814\n\n)\n\n1,486,296\n\n4,871,827\n\nAccumulated amortization:\n\nSoftware\n\n‐\n\n(1,013,618\n\n)\n\n‐\n\n(253,814\n\n)\n\n(1,081\n\n)\n\n33,680\n\n252\n\n(103,233\n\n)\n\n(1,337,814\n\n)\n\nCustomer contracts\n\n‐\n\n‐\n\n‐\n\n(48,553\n\n)\n\n‐\n\n‐\n\n129\n\n(4,517\n\n)\n\n(52,941\n\n)\n\nDistribution rights\n\n‐\n\n(110,819\n\n)\n\n‐\n\n(10,711\n\n)\n\n‐\n\n-\n\n‐\n\n-\n\n(121,530\n\n)\n\nTrademark rights\n\n‐\n\n(22,997\n\n)\n\n‐\n\n(7,819\n\n)\n\n(9,703\n\n)\n\n3,084\n\n‐\n\n-\n\n(37,435\n\n)\n\nOthers\n\n‐\n\n(4,227\n\n)\n\n‐\n\n(8,415\n\n)\n\n4,741\n\n2,272\n\n‐\n\n-\n\n(5,629\n\n)\n\n(1,151,661\n\n)\n\n‐\n\n(329,312\n\n)\n\n(6,043\n\n)\n\n39,036\n\n381\n\n(107,750\n\n)\n\n(1,555,349\n\n)\n\nIntangible assets, net\n\n1,908,330\n\n755,829\n\n(329,312\n\n)\n\n24,157\n\n(419,639\n\n)\n\n(1,433\n\n)\n\n1,378,546\n\n3,316,478\n\n(i)\nRefers to R$ 24,157 received in transfer from property, plant and equipment.\n\n(ii)\nThe total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nF-49\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nWeighted average useful life (years)\n\nBalance as of December 31, 2023\n\nAdditions\n\nAmortization\n\nTransfers\n\nWrite-offs\n\nTranslation adjustment\n\nAcquisition of subsidiaries\n\nBalance as of December 31, 2024\n\nCost:\n\nGoodwill (a)\n\n-\n\n943,125\n\n‐\n\n-\n\n(115\n\n)\n\n-\n\n‐\n\n39,349\n\n982,359\n\nSoftware (b)\n\n5\n\n1,503,601\n\n226,098\n\n‐\n\n(18,475\n\n)\n\n(3,969\n\n)\n\n108\n\n282\n\n1,707,645\n\nDistribution rights\n\n14\n\n155,174\n\n20,101\n\n‐\n\n1,412\n\n-\n\n‐\n\n‐\n\n176,687\n\nBrands (c)\n\n-\n\n62,303\n\n‐\n\n‐\n\n(948\n\n)\n\n‐\n\n‐\n\n11\n\n61,366\n\nTrademark rights (c)\n\n30\n\n120,960\n\n41\n\n‐\n\n‐\n\n`‐\n\n‐\n\n‐\n\n121,001\n\nOthers\n\n3\n\n15,127\n\n224\n\n‐\n\n(4,211\n\n)\n\n(529\n\n)\n\n‐\n\n‐\n\n10,611\n\nDecarbonization credits (CBIO)\n\n-\n\n710,710\n\n713,453\n\n‐\n\n(389\n\n)\n\n(1,423,452\n\n)\n\n‐\n\n‐\n\n322\n\n3,511,000\n\n959,917\n\n-\n\n(22,726\n\n)\n\n(1,427,950\n\n)\n\n108\n\n39,642\n\n3,059,991\n\nAccumulated amortization:\n\nSoftware\n\n(826,773\n\n)\n\n‐\n\n(222,487\n\n)\n\n32,886\n\n2,756\n\n‐\n\n-\n\n(1,013,618\n\n)\n\nDistribution rights\n\n(106,145\n\n)\n\n‐\n\n(4,860\n\n)\n\n16\n\n170\n\n‐\n\n‐\n\n(110,819\n\n)\n\nTrademark rights\n\n(18,931\n\n)\n\n‐\n\n(4,389\n\n)\n\n‐\n\n323\n\n‐\n\n‐\n\n(22,997\n\n)\n\nOthers\n\n(5,234\n\n)\n\n‐\n\n(301\n\n)\n\n-\n\n1,308\n\n‐\n\n‐\n\n(4,227\n\n)\n\n(957,083\n\n)\n\n‐\n\n(232,037\n\n)\n\n32,902\n\n4,557\n\n‐\n\n-\n\n(1,151,661\n\n)\n\nIntangible assets, net\n\n2,553,917\n\n959,917\n\n(232,037\n\n)\n\n10,176\n\n(1,423,393\n\n)\n\n108\n\n39,642\n\n1,908,330\n\nWeighted average useful life (years)\n\nBalance as of 12/31/2022\n\nAdditions\n\nAmortization\n\nTransfers (i)\n\nWrite-offs\n\nForeign exchange variations\n\nAcquisition of subsidiaries\n\nBalance as of 12/31/2023\n\nCost:\n\nGoodwill (a)\n\n-\n\n917,775\n\n-\n\n‐\n\n‐\n\n-\n\n‐\n\n25,350\n\n943,125\n\nSoftware (b)\n\n5\n\n1,299,088\n\n273,310\n\n‐\n\n1,086\n\n(79,909\n\n)\n\n‐\n\n10,026\n\n1,503,601\n\nDistribution rights\n\n15\n\n114,593\n\n1,357\n\n‐\n\n‐\n\n-\n\n‐\n\n39,224\n\n155,174\n\nBrands (c)\n\n-\n\n65,647\n\n-\n\n‐\n\n‐\n\n-\n\n(3,344\n\n)\n\n‐\n\n62,303\n\nTrademark rights (c)\n\n30\n\n114,792\n\n25\n\n‐\n\n‐\n\n-\n\n‐\n\n6,143\n\n120,960\n\nOthers\n\n3\n\n177\n\n‐\n\n‐\n\n‐\n\n(3\n\n)\n\n‐\n\n14,953\n\n15,127\n\nDecarbonization credits (CBIO)\n\n-\n\n232,305\n\n778,885\n\n‐\n\n‐\n\n(300,480\n\n)\n\n‐\n\n‐\n\n710,710\n\n2,744,377\n\n1,053,577\n\n‐\n\n1,086\n\n(380,392\n\n)\n\n(3,344\n\n)\n\n95,696\n\n3,511,000\n\nAccumulated amortization:\n\nSoftware\n\n(708,659\n\n)\n\n‐\n\n(192,976\n\n)\n\n‐\n\n79,720\n\n‐\n\n(4,858\n\n)\n\n(826,773\n\n)\n\nDistribution rights\n\n(102,037\n\n)\n\n‐\n\n(2,956\n\n)\n\n‐\n\n‐\n\n‐\n\n(1,152\n\n)\n\n(106,145\n\n)\n\nTrademark rights\n\n(14,930\n\n)\n\n‐\n\n(3,889\n\n)\n\n‐\n\n‐\n\n‐\n\n(112\n\n)\n\n(18,931\n\n)\n\nOthers\n\n(402\n\n)\n\n‐\n\n(4,835\n\n)\n\n‐\n\n3\n\n‐\n\n‐\n\n(5,234\n\n)\n\n(826,028\n\n)\n\n‐\n\n(204,656\n\n)\n\n‐\n\n79,723\n\n‐\n\n(6,122\n\n)\n\n(957,083\n\n)\n\nNet amount\n\n1,918,349\n\n1,053,577\n\n(204,656\n\n)\n\n1,086\n\n(300,669\n\n)\n\n(3,344\n\n)\n\n89,574\n\n2,553,917\n\n(i)\nRefers to R$ 1,086 transferred to intangible assets and R$ 4,491 transferred from right-of-use assets.\n\nF-50\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\na. Goodwill\n\nThe remaining net balance of goodwill on the following acquisitions is assessed for impairment annually or more frequently when there is indication that the goodwill might be impaired. The amount is made up of the following acquisitions.\n\nSegment\n\n12/31/2025\n\n12/31/2024\n\nGoodwill on the acquisition of:\n\nHidrovias (28.b)\n\nHidrovias\n\n341,084\n\n‐\n\nIpiranga (i)\n\nIpiranga\n\n276,724\n\n276,724\n\nUnião Terminais\n\nUltracargo\n\n211,089\n\n211,089\n\nTexaco\n\nIpiranga\n\n177,759\n\n177,759\n\nIconic (CBLSA)\n\nIpiranga\n\n69,807\n\n69,807\n\nNeoagro Diesel\n\nIpiranga\n\n62,833\n\n‐\n\nStella\n\nUltragaz\n\n51,951\n\n103,051\n\nTemmar\n\nUltracargo\n\n43,781\n\n43,781\n\nUltragaz Comercializadora de Energia\n\nUltragaz\n\n42,260\n\n52,038\n\nPetrovila\n\nIpiranga\n\n34,934\n\n‐\n\nDNP\n\nIpiranga\n\n24,736\n\n24,736\n\nRepsol\n\nUltragaz\n\n13,403\n\n13,403\n\nNeogás\n\nUltragaz\n\n7,761\n\n7,761\n\nMi TRR\n\nIpiranga\n\n5,383\n\n‐\n\nBaden\n\nHidrovias\n\n1,731\n\n-\n\nSerra Diesel\n\nUltrapar\n\n1,413\n\n1,413\n\nTEAS\n\nUltracargo\n\n797\n\n797\n\n1,367,446\n\n982,359\n\nAs of December 31, 2025, the Company assessed the balances of goodwill shown in the table above for impairment The determination of value in use involves assumptions, judgments, and estimates of cash flows, such as growth rates of revenues, costs and expenses, estimates of investments and working capital, and discount rates. The assumptions about growth projections of future cash flows are based on the Company’s business plan of its operating segments, as well as comparable market data, and represent management’s best estimate of the future economic conditions. The main key assumptions used by the Company to calculate the value in use are described below.\n\nPeriod of evaluation: period of five years, after which the Company calculates the perpetuity, considering the possibility of carrying the business on indefinitely.\n\nDiscount rate and real growth rate: the nominal discount and real growth rates used to extrapolate the projections at December 31, 2025 ranged from 11.2% to 12.7% and -0.5% to 0.5% p.a., respectively, depending on the acquisition analyzed.\n\nRevenue from sales and services, costs and expenses, and gross margin: considers the budget prepared for 2026 and the long-term strategic plan prepared by Management and presented to the Board of Directors.\n\nAs of December 31, 2025, the Company, through its subsidiary Ultragaz Ultragaz Energia Ltda., recorded impairment loss of R$ 51,100, related to the goodwill of Stella. As of December 31, 2024, the Company and its subsidiaries did not record any impairment loss of assets.\n\nGoodwill from investments in joint ventures and associates is presented under investments, for further information see Note 11.\n\nb. Software\n\nIncludes user licenses and costs for the implementation of the various systems used by the Company and its subsidiaries: integrated management and control, financial management, foreign trade, industrial automation, operational and storage management, accounting information, and other systems. Also include costs related to software in progress in the amount of R$ 292,604 in 2025 (R$ 84,421 in 2024 and R$ 11,200 in 2023).\n\nc. Brands and trademarks rights\n\nBrands are represented by the acquisition cost of the ‘am/pm’ brand in Brazil and the NEOgás brand, acquired in the business combination, and Chevron and Texaco trademarks rights.\n\nF-51\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[15. Loans, financing and debentures](#TOC)\n\n \n\nAccounting policy\n\n \n\nFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost or at fair value through profit or loss and updated using the effective interest rate and including charges. The financial liabilities at fair value through profit or loss refer to financial liabilities designated as hedged items. Any difference between the proceeds (net of transaction costs) and the total amount payable is recognized in the statement of income over the period of the loans using the effective interest rate method. Fees paid on the contracting of loans are recognized as transaction costs and amortized taking into account the term of the loan, using the effective interest rate method.\n\n \n\na. Breakdown\n\n \n\nDescription\n\nIndex/Currency\n\nWeighted average financial charges 2025 (p.a.)\n\nWeighted average hedging instruments\n\nMaturity\n\n12/31/2025\n\n12/31/2024\n\nForeign currency:\n\nNotes in the foreign market\n\nUSD\n\n5.3%\n\n142.6% of DI (*)\n\n2026 to 2029\n\n4,158,025\n\n4,710,980\n\nForeign loan\n\nUSD\n\n4.1%\n\n103.8% of DI\n\n2026 to 2029\n\n2,554,217\n\n691,006\n\nForeign loan\n\nSOFR + USD\n\n0.8%\n\n103.4% of DI\n\n2026 to 2029\n\n1,295,481\n\n‐\n\nNotes in the foreign market\n\nUSD\n\n5.0%\n\nCDI + 1.6% (**)\n\n2031\n\n984,400\n\n‐\n\nForeign exchange debentures\n\nEUR\n\n3.0%\n\n104.4% of DI\n\n2027\n\n515,654\n\n‐\n\nForeign exchange debentures\n\nUSD\n\n5.3%\n\n101.7% of DI\n\n2026\n\n339,836\n\n-\n\nForeign loan\n\nEUR\n\n4.4%\n\n109.2% of DI\n\n2025\n\n-\n\n778,147\n\nForeign loan\n\nJPY\n\n4.6%\n\n109.4% of DI\n\n2025\n\n-\n\n501,524\n\nTotal in foreign currency\n\n9,847,613\n\n6,681,657\n\nBrazilian Reais:\n\nDebentures\n\nCDI + R$\n\n0.9%\n\nn/a\n\n2027 to 2031\n\n3,455,058\n\n731,667\n\nDebentures – CRA\n\nIPCA\n\n5.4%\n\n103.3% of DI\n\n2028 to 2032\n\n2,339,526\n\n2,456,111\n\nDebentures\n\nIPCA\n\n4.8%\n\n105.4% of DI\n\n2028 to 2035\n\n837,001\n\n614,754\n\nFinancing\n\nR$\n\n14.6%\n\n106.6% of DI\n\n2027\n\n552,666\n\n‐\n\nCDCA\n\nCDI + R$\n\n0.9%\n\nn/a\n\n2027\n\n547,587\n\n534,374\n\nDebentures – CRA\n\nFixed rate\n\n11.2%\n\n104.4% of DI\n\n2027\n\n513,103\n\n477,827\n\nDebentures – CRA\n\nCDI + R$\n\n0.7%\n\nn/a\n\n2027\n\n495,731\n\n490,971\n\nDebentures\n\nIPCA\n\n6.0%\n\nn/a\n\n2028 to 2031\n\n466,762\n\n-\n\nCCB\n\nCDI\n\n104.3%\n\nn/a\n\n2026 to 2028\n\n416,321\n\n1,464,624\n\nCDCA\n\nCDI\n\n109.0%\n\nn/a\n\n2026 to 2027\n\n206,594\n\n293,374\n\nConstitutional Fund (FNE)\n\nIPCA\n\n2.9%\n\n69.5% of DI\n\n2028 to 2041\n\n192,054\n\n114,472\n\nCommercial Paper\n\nCDI + R$\n\n0.2%\n\nn/a\n\n2027\n\n89,083\n\n‐\n\nConstitutional Fund (FNO)\n\nIPCA\n\n3.1%\n\n70.8% of DI\n\n2028 to 2037\n\n84,462\n\n‐\n\nFINEP\n\nTJLP\n\n1.0%\n\nn/a\n\n2026 to 2032\n\n27,249\n\n679\n\nClimate Fund\n\nR$\n\n9.4%\n\n72.9% of DI\n\n2026 to 2040\n\n22,451\n\n‐\n\nTotal in Brazilian Reais\n\n10,245,648\n\n7,178,853\n\nTotal in foreign currency and Brazilian Reais\n\n20,093,261\n\n13,860,510\n\nCurrent\n\n4,251,131\n\n3,478,673\n\n1 to 2 years\n\n3,923,059\n\n3,257,618\n\n2 to 3 years\n\n4,227,274\n\n1,557,888\n\n3 to 4 years\n\n3,525,329\n\n2,062,967\n\n4 to 5 years\n\n1,038,873\n\n2,130,651\n\nMore than 5 years\n\n3,127,595\n\n1,372,713\n\nNon-current\n\n15,842,130\n\n10,381,837\n\n \n\nF-52\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n(*)\nConsiders a protection instrument for the principal of 52.5% of the DI and for interest DI minus 1.4% for a notional amount of US$ 300 million. Does not include the positive result of the natural hedge strategy through financial investments in US$.\n\n(**)\nConsiders a protection instrument for principal and interest at DI + 1.6% for a notional amount of US$ 50 million.\n\nThe changes in loans, financing and debentures are shown below:\n\n12/31/2025\n\n12/31/2024\n\nOpening balance\n\n13,860,510\n\n11,141,283\n\nProceeds\n\n8,669,139\n\n4,179,974\n\nInterest accrued\n\n1,498,325\n\n846,329\n\nPrincipal payment\n\n(5,134,131\n\n)\n\n(2,718,953\n\n)\n\nInterest payment\n\n(1,360,205\n\n)\n\n(798,653\n\n)\n\nOpening balance - acquisition of subsidiaries (i)\n\n3,125,667\n\n-\n\nMonetary variations and foreign exchange variations\n\n(596,233\n\n)\n\n1,675,583\n\nChange in fair value\n\n101,466\n\n(465,053\n\n)\n\nGain on bond repurchase\n\n(71,277\n\n)\n\n-\n\nClosing balance\n\n20,093,261\n\n13,860,510\n\n(i)\nThe total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).\n\nThe transaction costs associated with debt issuance were deducted from the balance of the related liability and recognized in profit or loss according to the effective interest rate method. As of December 31, 2025, the amount recognized in profit or loss was R$ 53,197 (R$ 18,928 as of December 31, 2024 and R$ 19,626 as of December 31, 2023). The transaction cost incurred was R$ 75,363, of which R$ 18,117 referring to new funding and R$ 57,246 to the initial balance on acquisition of subsidiary. The balance to be recognized in the next periods is R$ 92,080 (R$ 69,914 as of December 31, 2024).\n\nb. Guarantees\n\nAs of December 31, 2025, there was R$ 84,462 (R$ 114,472 as of December 31, 2024) in financing that had real guarantees. There was also R$ 18,684,982 (R$ 13,586,936 as of December 31, 2024) in financing without real guarantees, with sureties or promissory notes.\n\nThe Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings in the amount of R$ 100,200 as of December 31, 2025 (R$ 97,947 as of December 31, 2024).\n\nSubsidiary Ipiranga issues collateral to financial institutions in connection with the amounts payable by some of its customers to such institutions, with maximum future settlements related to these guarantees in the amount of R$ 87,160 (R$ 219,700 as of December 31, 2024). If subsidiary Ipiranga is required to make any payment under these collateral arrangements, this subsidiary may recover the amount paid directly from its customers through commercial collection. Until December 31, 2025, subsidiary Ipiranga did not have losses in connection with these collateral arrangements.\n\nF-53\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nc. Relevant operations contracted in the year\n\nThe main operations contracted in the year are shown below:\n\nDescription\n\nIndex/ Currency\n\nFinancial charges\n\nHedging instruments\n\nIssuance date\n\nMaturity\n\nPrincipal\n\nPrincipal in R$\n\nRemuneration payment\n\nNominal amount payment\n\nCompany\n\nForeign exchange debenture\n\nUSD\n\n5.3%\n\n101.7% of DI\n\nMar/25\n\nMar/26\n\nUSD 60,269\n\n350,000\n\nAt final maturity\n\nAt final maturity\n\nUltracargo Logística\n\nForeign loan\n\nSOFR + USD\n\n0.9%\n\n102.9% of DI\n\nFeb/25\n\nFeb/26\n\nUSD 100,000\n\n577,800\n\nQuarterly\n\nAt final maturity\n\nCia Ultragaz\n\nCCB\n\nCDI\n\n104.0%\n\nn/a\n\nMar/25\n\nMar/27\n\nR$ 360,000\n\n360,000\n\nQuarterly\n\nAt final maturity\n\nCia Ultragaz\n\nConstitutional Fund (FNE)\n\nIPCA\n\n2.9%\n\n69.7% of DI\n\nFeb/25\n\nNov/41\n\nR$ 100,976\n\n100,976\n\nMonthly with grace period\n\n2028 to 2041\n\nUltracargo Logística\n\nConstitutional Fund (FNO)\n\nIPCA\n\n3.1%\n\n70.8% of DI\n\nApr/25\n\nFeb/37\n\nR$ 106,430\n\n106,430\n\nMonthly\n\nMonthly after a 3-year grace period\n\nUltracargo Soluções Logísticas\n\nForeign loan\n\nUSD\n\n4.7%\n\n103.8% of DI\n\nApr/25\n\nApr/26\n\nUSD 86,956\n\n500,000\n\nAt final maturity\n\nAt final maturity\n\nIpiranga\n\nBNDES\n\nR$\n\n9.4%\n\n72.9% of DI\n\nMay/25\n\nMar/40\n\nR$ 11,499\n\n11,499\n\nMonthly\n\nMonthly after a 3-month grace period\n\nUltragaz Energia Ltda. and subsidiaries\n\nBNDES\n\nR$\n\n9.4%\n\n72.9% of DI\n\nMay/25\n\nMar/40\n\nR$ 11,499\n\n11,499\n\nMonthly\n\nMonthly after a 3-month grace period\n\nUltragaz Energia Ltda. and subsidiaries\n\nForeign exchange debentures\n\nEUR\n\n3.0%\n\n104.0% of DI\n\nJun/25\n\nFeb/37\n\nEUR 77,535\n\n500,000\n\nAnnually\n\nAt final maturity\n\nIpiranga\n\nForeign loan\n\nR$\n\n14.6%\n\n106.6% of DI\n\nJun/25\n\nOct/27\n\nR$ 500,000\n\n500,000\n\nAnnually\n\nAt final maturity\n\nIpiranga\n\nDebentures\n\nCDI\n\n0.5%\n\nn/a\n\nJun/25\n\nJun/28\n\nR$ 400,000\n\n400,000\n\nSemiannually\n\nAt final maturity\n\nHidrovias\n\nDebentures\n\nCDI\n\n0.8%\n\nn/a\n\nJun/25\n\nJun/31\n\nR$ 982,000\n\n982,000\n\nSemiannually\n\nAt final maturity\n\nHidrovias\n\nForeign loan\n\nUSD\n\n5.5%\n\n108.8% of DI\n\nSept/25\n\nMar/27\n\nUSD 4,718\n\n25,000\n\nSemiannually\n\nAt final maturity\n\nSerra Diesel\n\nForeign loan\n\nUSD\n\n4.9%\n\n102.4% of DI\n\nSept/25\n\nMar/27\n\nUSD 46,818\n\n250,000\n\nSemiannually\n\nAt final maturity\n\nCia Ultragaz\n\nDebentures\n\nIPCA\n\n7.0%\n\nCDI - 1.2%\n\nOct/25\n\nOct/35\n\nR$ 150,000\n\n150,000\n\nSemiannually\n\nAnnually from Oct/2033\n\nIpiranga\n\nCommercial Paper\n\nCDI\n\n0.2%\n\nn/a\n\nOct/25\n\nOct/27\n\nR$ 86,000\n\n86,000\n\nQuarterly\n\nAt final maturity\n\nIpiranga\n\nForeign loan\n\nSOFR + USD\n\n0.7%\n\n103.9% CDI\n\nNov/25\n\nNov/28\n\nUSD 94,545\n\n500,000\n\nSemiannually\n\nAt final maturity\n\nIpiranga\n\nForeign loan\n\nSOFR + USD\n\n0.8%\n\n103.7% CDI\n\nNov/25\n\nFeb/29\n\nUSD 37,491\n\n200,000\n\nSemiannually\n\nAt final maturity\n\nIpiranga\n\nForeign loan\n\nUSD\n\n4.1%\n\n104.5% CDI\n\nNov/25\n\nNov/28\n\nUSD 111,858\n\n600,000\n\nSemiannually\n\nAt final maturity\n\nCia Ultragaz\n\nForeign loan\n\nSOFR + USD\n\n1.1%\n\n110.5% CDI\n\nNov/25\n\nNov/26\n\nUSD 1,886\n\n10,000\n\nSemiannually\n\nAt final maturity\n\nSerra Diesel\n\nForeign loan\n\nUSD\n\n4.0%\n\n103.6% CDI\n\nDec/25\n\nFeb/29\n\nUSD 94,146\n\n500,000\n\nSemiannually\n\nAt final maturity\n\nUltracargo Logística\n\nForeign loan\n\nUSD\n\n4.1%\n\n103.2% CDI\n\nDec/25\n\nJun/28\n\nUSD 55,097\n\n300,000\n\nSemiannually\n\nAt final maturity\n\nIconic\n\nForeign loan\n\nSOFR\n\n0.8%\n\n103.6% CDI\n\nDec/25\n\nMay/28\n\nUSD 68,909\n\n370,000\n\nSemiannually\n\nAt final maturity\n\nIconic\n\nDebentures\n\nCDI\n\n0.6%\n\nn/a\n\nDec/25\n\nNov/30\n\nR$ 1,000,000\n\n1,000,000\n\nSemiannually\n\nAnnually from Nov/2029\n\nIpiranga\n\nF-54\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nd. Covenants – Subsidiary Hidrovias\n\nFinancial Covenant linked to Debenture contracts\n\nHidrovias, through the 1st and 2nd Debenture Issuances, has a financial covenant of leverage (“net debt to EBITDA”), calculated on a consolidated basis and which must be equal to or less than 4.5x in 2022, (b) 4.0x between January 1, 2023 and December 2023 and (c) 3.5x from January 1, 2024 until the maturity date of the respective issues.\n\nFailure to comply with the covenant does not accelerate the debt repayment and is not considered default. However, Hidrovias now has restrictions on raising new debts beyond those permitted by the covenants of the indenture of issuance and is restricted from paying the minimum mandatory dividends set forth by its Bylaws. Hidrovias does not expect any short- or medium-term impacts on its operations and believes it will not need additional loans or working capital beyond those already permitted by the covenants of the Indentures of Debenture Issuances to comply with its obligations.\n\nAs of December 31, 2025, Hidrovias met the financial covenants set forth in its debt contracts.\n\n[16. Trade payables](#TOC)\n\n \n\n \n\n12/31/2025\n\n \n\n12/31/2024\n\nDomestic suppliers\n\n2,542,447\n\n \n\n2,558,813\n\nTrade payables - domestic related parties (see Note 8.b)\n\n46,758\n\n \n\n23,432\n\nForeign suppliers\n\n1,863,835\n\n \n\n776,052\n\nTrade payables - foreign related parties (see Note 8.b)\n\n190,304\n\n \n\n160,088\n\n \n\n4,643,344\n\n \n\n3,518,385\n\nF-55\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[17. Employee benefits and private pension plan](#TOC)\n\nAccounting policy\n\nThe Company and its subsidiaries offer their employees a private pension plan of the defined contribution type and other benefits related to seniority bonus, payment of Government Severance Indemnity Fund for Employees (“FGTS”), health and dental care, and life insurance plans for eligible retirees. Annual actuarial studies, with the exception of the private pension plan, are prepared by an independent professional and reviewed by Management. The respective impacts are recognized in accordance with the projected unit credit method. The actuarial gains and losses are recognized in equity under “Accumulated other comprehensive income”.\n\na. ULTRAPREV - Associação de Previdência Complementar\n\nIn February 2001, the Company’s Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by the Company and its subsidiaries. Participating employees have been contributing to this plan, managed by Ultraprev - Associação de Previdência Complementar (“Ultraprev”), since August 2001. The Company and its subsidiaries do not take responsibility for guaranteeing amounts or the duration of the benefits received by the retired employee.\n\nIn 2025, the Company’s subsidiaries contributed R$ 24,963 to Ultraprev (R$ 22,482 in 2024 and R$ 22,482 in 2023).\n\nThe balance of R$ 4,154 as of December 31, 2025 (R$ 4,454 as of December 31, 2024) regarding the reversal fund will be used to deduct normal sponsor contributions in a period of up to 14 months depending on the sponsor. The number of months is estimated according to the current amount being deducted from contributions of each sponsor.\n\nThe total number of participating employees as of December 31, 2025 is 3,966 active participants and 314 retired participants (3,801 active participants and 297 retired participants as of December 31, 2024). In addition, Ultraprev had 20 former employees or beneficiaries receiving benefits under the rules of a previous plan whose reserves are fully constituted.\n\nb. Post-employment benefits\n\nSome subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, payment of FGTS, and health, dental care, and life insurance plans for eligible retirees.\n\nThe amounts related to such benefits are based on an annual valuation conducted by an independent actuary and reviewed by Management.\n\n12/31/2025\n\n12/31/2024\n\nHealth and dental care plan (1)\n\n184,105\n\n177,958\n\nIndemnification of FGTS\n\n20,303\n\n32,420\n\nSeniority bonus\n\n1,916\n\n1,795\n\nLife insurance (2)\n\n9,292\n\n10,703\n\nTotal\n\n215,616\n\n222,876\n\nCurrent\n\n19,067\n\n24,098\n\nNon-current\n\n196,549\n\n198,778\n\n(1)\nApplicable to Ipiranga and Iconic.\n\n(2)\nApplicable to Ipiranga, Ultragaz and Ultrapar.\n\nF-56\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nChanges in the present value of the post-employment benefit obligation occurred as follows:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nOpening balance\n\n222,876\n\n264,823\n\n215,556\n\nExpense for the year\n\n26,051\n\n27,077\n\n17,521\n\nUpdate/change of estimate\n\n(14,935\n\n)\n\n(10,094\n\n)\n\n-\n\nActuarial gains from changes in actuarial assumptions\n\n(1,716\n\n)\n\n(41,727\n\n)\n\n52,099\n\nBenefits paid directly by the Company and its subsidiaries\n\n(16,660\n\n)\n\n(17,203\n\n)\n\n(20,353\n\n)\n\nClosing balance\n\n215,616\n\n222,876\n\n264,823\n\nThe total expense for each year is presented below:\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nHealth and dental care plan\n\n19,713\n\n20,420\n\n11,182\n\nIndemnification of FGTS\n\n4,947\n\n5,290\n\n4,909\n\nSeniority bonus\n\n256\n\n254\n\n286\n\nLife insurance\n\n1,135\n\n1,113\n\n1,144\n\nTotal\n\n26,051\n\n27,077\n\n17,521\n\nThe main actuarial assumptions used are:\n\nEconomic factors\n\n12/31/2025\n\n12/31/2024\n\nDiscount rate for the actuarial obligation at present value - Indemnification of FGTS\n\n11.74\n\n11.97\n\nDiscount rate for the actuarial obligation at present value - Bonus\n\n11.76\n\n11.82\n\nAverage discount rate for the actuarial obligation at present value - Medical services\n\n10.97\n\n11.07\n\nDiscount rate for the actuarial obligation at present value - Life insurance\n\n11.74\n\n11.82\n\nAverage projected salary growth rate - FGTS indemnity\n\n6.64\n\n6.80\n\nAverage projected bonus growth rate\n\n7.33\n\n7.33\n\nInflation rate (long term)\n\n3.50\n\n3.50\n\nMedical services growth rate\n\n7.64\n\n7.64\n\nDemographic factors\n\nMortality Table for the life insurance benefit - CSO-80\n\nMortality Table for other benefits – AT 2000 Basic decreased by 10%\n\nDisability Mortality Table - RRB 1983 and RRB-1944\n\nDisability Table – Weak light\n\nF-57\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nSensitivity analysis\n\nThe significant actuarial assumptions to determine the provision for post-employment benefits are: discount rate, salary growth and medical costs increases. The sensitivity analyses as of December 31, 2025, as shown below, were determined based on possible changes of assumptions occurring at the reporting date of the financial statements, keeping all other assumptions constant.\n\nAssumption\n\nChange in assumptions\n\nDecrease in liability\n\nChange in assumptions\n\nIncrease in liability\n\nDiscount rate\n\nincrease by 1.0 p.p.\n\n13,544\n\ndecrease by 1.0 p.p.\n\n15,463\n\nSalary growth rate\n\ndecrease by 1.0 p.p.\n\n252\n\nincrease by 1.0 p.p.\n\n272\n\nMedical services growth rate\n\ndecrease by 1.0 p.p.\n\n14,150\n\nincrease by 1.0 p.p.\n\n12,350\n\nThe sensitivity analyses presented may not represent the real change in the post-employment benefit obligation, since it is unlikely that changes occur in just one assumption alone, considering that some of these assumptions may be correlated.\n\nInherent risks related to post-employment benefits\n\nInterest rate risk: a long-term interest rate is used to calculate the present value of post-employment liabilities. A reduction in this interest rate will increase the corresponding liability.\n\nWage growth risk: the present value of the liability is calculated using as reference the wages of the plan participants, projected with the average nominal wage growth rate. An increase in the real wages of plan participants will increase the corresponding liability.\n\nMedical costs growth risk: the present value of the liability is calculated using as a reference the medical cost by age based on actual healthcare costs, projected based on the growth rate of medical services costs. An increase in the real medical costs will increase the corresponding liability.\n\n[18. Provisions and contingent liabilities](#TOC)\n\nAccounting policy\n\nA provision for tax, civil (including environmental and regulatory) and labor risks is recognized when there is a present obligation as a result of a past event, it is probable that a disbursement will be required to settle the obligation, and the amount can be reliably estimated. These provisions are based on an assessment by Management, supported by opinions from internal and external legal advisors, considering the best estimates regarding the possible outcomes of the proceedings. The provisions are recognized in the statement of income, as operating or financial expense, according to the nature involved. The provisioned balances are monetarily adjusted or increased by financial charges, in line with the evolution of judicial or administrative proceedings and with the indexes applicable to each nature, as provided for in the internal contingency guidelines.\n\nF-58\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\na. Provisions for tax, civil and labor risks\n\nThe Company and its subsidiaries are parties to tax, civil and labor disputes at the administrative and judicial levels.\n\nThe table below presents the breakdown of provisions by nature and their changes:\n\nProvisions\n\nBalance as of December 31, 2024\n\nAdditions\n\nReversals\n\nPayments\n\nInterest\n\nOpening balance – acquisition of subsidiaries (i)\n\nBalance as of December 31, 2025\n\nIRPJ and CSLL\n\n32,946\n\n365\n\n(13,524\n\n)\n\n(291\n\n)\n\n372\n\n‐\n\n19,868\n\nTax\n\n202,465\n\n10,780\n\n(40,686\n\n)\n\n(31,274\n\n)\n\n5,129\n\n‐\n\n146,414\n\nCivil\n\n161,972\n\n109,613\n\n(73,289\n\n)\n\n(64,044\n\n)\n\n26\n\n27,417\n\n161,695\n\nProvision for indemnities (a.1)\n\n206,808\n\n13,447\n\n(66,075\n\n)\n\n(14,257\n\n)\n\n5,710\n\n‐\n\n145,633\n\nLabor\n\n54,169\n\n13,881\n\n(8,922\n\n)\n\n(8,461\n\n)\n\n792\n\n9,545\n\n61,004\n\nTotal\n\n658,360\n\n148,086\n\n(202,496\n\n)\n\n(118,327\n\n)\n\n12,029\n\n36,962\n\n534,614\n\nCurrent\n\n47,788\n\n49,175\n\nNon-current\n\n610,572\n\n485,439\n\n(i)\nOn May 8, 2025, the Company acquired the control of Hidrovias; for further details, see Note 27.b.\n\nProvisions\n\nBalance as of December 31, 2023\n\nAdditions\n\nReversals\n\nPayments\n\nInterest\n\nBalance as of December 31, 2024\n\nIRPJ and CSLL\n\n636,167\n\n949\n\n(15,124\n\n)\n\n(610,534\n\n)\n\n21,488\n\n32,946\n\nTax\n\n254,781\n\n49,038\n\n(87,575\n\n)\n\n(16,686\n\n)\n\n2,907\n\n202,465\n\nCivil\n\n150,258\n\n66,215\n\n(19,002\n\n)\n\n(35,519\n\n)\n\n20\n\n161,972\n\nProvision for indemnities (a.1)\n\n203,780\n\n19,519\n\n(6,081\n\n)\n\n(12,959\n\n)\n\n2,549\n\n206,808\n\nLabor\n\n59,144\n\n18,468\n\n(16,447\n\n)\n\n(7,764\n\n)\n\n768\n\n54,169\n\nTotal\n\n1,304,130\n\n154,189\n\n(144,229\n\n)\n\n(683,462\n\n)\n\n27,732\n\n658,360\n\nCurrent\n\n45,828\n\n47,788\n\nNon-current\n\n1,258,302\n\n610,572\n\nProvisions\n\nBalance as of 12/31/2022\n\nAdditions\n\nReversals\n\nPayments\n\nInterest\n\nAcquisition of subsidiary\n\nBalance as of 12/31/2023\n\nIRPJ and CSLL\n\n559,217\n\n14,597\n\n(6,717\n\n)\n\n‐\n\n69,070\n\n‐\n\n636,167\n\nTax\n\n163,547\n\n94,072\n\n(29,179\n\n)\n\n(14,747\n\n)\n\n40,299\n\n789\n\n254,781\n\nCivil, environmental and regulatory claims\n\n93,416\n\n124,857\n\n(29,402\n\n)\n\n(39,071\n\n)\n\n‐\n\n458\n\n150,258\n\nLabor litigation\n\n73,172\n\n27,333\n\n(27,308\n\n)\n\n(16,310\n\n)\n\n2,257\n\n‐\n\n59,144\n\nProvision for indemnities (a. 1)\n\n150,820\n\n32,691\n\n(7,969\n\n)\n\n‐\n\n28,238\n\n‐\n\n203,780\n\nTotal\n\n1,040,172\n\n293,550\n\n(100,575\n\n)\n\n(70,128\n\n)\n\n139,864\n\n1,247\n\n1,304,130\n\nCurrent\n\n22,837\n\n45,828\n\nNon-current\n\n1,017,335\n\n1,258,302\n\nF-59\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nBalances of escrow deposits by nature are as follows:\n\n12/31/2025\n\n12/31/2024\n\nTax\n\n420,906\n\n306,593\n\nLabor\n\n15,897\n\n24,070\n\nCivil\n\n34,806\n\n115,413\n\n471,609\n\n446,076\n\nIn the year ended December 31, 2025, the monetary variation on escrow deposits amounted to R$ 46,139 (R$ 45,336 as of December 31, 2024 and R$ 62,217 as of December 31, 2023). This amount was recorded as financial income in the statement of income.\n\na.1 Provision for indemnities\n\nAs a result of the sale of Oxiteno, completed on April 1, 2022, Ultrapar assumed contractual liability for losses related to acts prior to the closing of the transaction. The provision for potential reimbursement to Indorama, in the event the losses materialize, amounts to R$109,333 as of December 31, 2025 (R$174,408 as of December 31, 2024), related to R$ 32,384 (R$ 95,274 as of December 31, 2024) for labor claims, R$ 28,605 (R$ 26,074 as of December 31, 2024) for civil claims and R$ 48,344 (R$ 53,060 as of December 31, 2024) for tax claims.\n\nRegarding the sale of Extrafarma, completed on August 1, 2022, whose liability for losses prior to the transaction was assumed by subsidiary Ipiranga, the provision for potential reimbursement to Pague Menos, in the event the losses materialize, is R$ 36,297 as of December 31, 2025 (R$ 32,400 as of December 31, 2024), of which R$ 14,153 (R$ 12,074 as of December 31, 2024) for labor claims, R$7,798 (R$7,007 as of December 31, 2024) for civil claims and R$ 14,346 (R$ 13,319 as of December 31, 2024) for tax claims.\n\nb. Possible contingent liabilities\n\nThe Company and its subsidiaries are parties to administrative and legal proceedings for tax, civil and labor claims which, based on the assessment of the legal departments and the advice of external legal advisors, were classified as a possible loss. In accordance with the accounting practices adopted and the internal contingency guideline, these obligations do not meet the criteria for provision recognition and are therefore only disclosed in notes to the financial statements.\n\nThe contingent liabilities, classified as possible loss, by nature are as follows:\n\nPossible contingent liabilities\n\n12/31/2025\n\n12/31/2024\n\nTax (b.1)\n\n6,027,879\n\n4,176,046\n\nCivil (b.2)\n\n867,293\n\n815,203\n\nLabor\n\n376,406\n\n293,938\n\n7,271,578\n\n5,285,187\n\nF-60\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb.1 Contingent tax liabilities\n\nThe Company and its subsidiaries are parties to administrative and legal proceedings involving IRPJ and CSLL, mainly arising from denials of offset claims, which total R$ 577,253 as of December 31, 2025 (R$ 496,615 as of December 31, 2024). Regarding PIS and COFINS, tax credit disallowances from the non-cumulative regime are recorded, which total R$ 3,136,458 as of December 31, 2025 (R$ 1,890,313 as of December 31, 2024).\n\nAdditionally, subsidiary Ipiranga and its subsidiaries have legal proceedings related to ICMS totaling R$ 1,662,515 as off December 31, 2025 (R$ 1,357,445 as of December 31, 2024). The main discussions involve assessments relating to i) the alleged non-payment of R$ 444,766 (R$ 154,914 as of December 31, 2024); ii) 2% surcharge on products considered non-essential (hydrated ethanol) in the amount of R$ 246,060 (R$ 223,691 as of December 31, 2024); iii) the reversal and disallowance of credits in the amount of R$ 236,808 (R$ 145,126 as of December 31, 2024); and iv) inventory differences of R$ 236,568 (R$ 279,448 as of December 31, 2024).\n\nIn addition, subsidiary Ipiranga and its subsidiaries are discussing the offset of excise tax (“IPI”) credits related to raw materials used in the manufacturing of products subject to taxation, which were subsequently sold and were not subject to IPI under the tax immunity, in the amount of R$ 209,444 as of December 31, 2025 (R$ 194,508 as of December 31, 2024). In April 2025, the Superior Court of Justice, under the repetitive appeals regime (Theme 1247), ruled on the discussion in favor of the taxpayers.\n\nOf the remaining amount of tax contingencies classified as potential losses, R$ 442,210 as of December 31, 2025 (R$ 574,672 as of December 31, 2024) relates to other proceedings involving the Company and its subsidiaries.\n\nb.2 Contingent civil liabilities\n\nThe Company and its subsidiaries have contingent liabilities for civil claims in the amount of R$ 867,293 as of December 31, 2025 (R$ 815,203 as of December 31, 2024). Among these proceedings, the following claims involving subsidiary Cia. Ultragaz are highlighted: i) administrative proceedings filed by CADE, referring to alleged anti-competitive practices in municipalities in the Triângulo Mineiro region in 2001, and at the administrative level, Cia. Ultragaz was ordered to pay a fine, in the updated amount of R$ 39,447 as of December 31, 2025 (R$ 38,005 as of December 31, 2024); and ii) lawsuits filed by resellers, who are seeking indemnity, in addition to the nullity and termination of distribution contracts, totaling R$ 95,971 as of December 31, 2025 (R$ 187,460 as of December 31, 2024).\n\nc. Lubricants operation between Ipiranga and Chevron\n\nThe provisions of shareholder Chevron’s liability amount to R$ 4,020 (R$ 36,146 as of December 31, 2024), for which a corresponding indemnification asset was recorded. This asset comprises R$ 204 related to tax claims (R$ 32,380 as of December 31, 2024), R$ 210 to civil claims (R$ 220 as of December 31, 2024), and R$ 3,606 to labor claims (R$ 3,545 as of December 31, 2024).\n\nAdditionally, due to a business combination, on December 1, 2017, a provision of R$ 198,900 was recorded relating to contingent liabilities and an indemnification asset in the same amount was recognized. The balance of this asset totaled R$ 88,503 as of December 31, 2025 (R$ 89,952 as of December 31, 2024). The amounts of provisions and contingent liabilities related to the business combination and the liability of the shareholder Chevron will be fully reimbursed to subsidiary Iconic in the event of losses without the need to recognize an allowance for expected credit losses.\n\nF-61\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[19. Subscription warrants – indemnification](#TOC)\n\nBecause of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants – indemnification were issued, corresponding to up to 6,411,244 shares of the Company.\n\nOn February 15, 2023, August 9, 2023, February 28, 2024, August 7, 2024, February 26, 2025 and August 13, 2025, the Board of Directors confirmed the issuance of 31,211, 8,199, 191,778, 35,235, 67,679 and 342,691, respectively, common shares within the authorized capital limit provided by article 6 of the Company’s Bylaws, due to the partial exercise of the rights conferred by the subscription warrants.\n\nAs set out in the association agreement between the Company and Extrafarma of January 31, 2014 and due to the unfavorable decisions on some lawsuits with triggering events prior to January 31, 2014, 792,065 shares linked to the subscription warrants – indemnification were canceled and not issued. As of December 31, 2025, R$ 14,317 was recorded as financial expense (financial income of R$ 31,657 as of December 31, 2024 and financial expenses of R$ 45,084 as of December 31, 2023) due to the update of subscription warrants, and 2,579,497 shares linked to subscription warrants – indemnification remain retained, which may be issued or canceled depending on whether the final decisions on the lawsuits will be favorable or unfavorable, being the maximum number of shares that can be issued in the future, totaling R$ 53,911 (R$ 47,745 as of December 31, 2024).\n\n[20. Equity](#TOC)\n\na. Share capital\n\nAs of December 31, 2025, the subscribed and paid-up capital consists of 1,115,849,873 common shares with no par value (1,115,439,503 as of December 31, 2024), and the issuance of preferred shares and participation certificates is prohibited. Each common share entitles its holder to one vote at Shareholders’ Meetings. The total amount of the capital as of December 31, 2025 is R$ 7,987,100 (R$ 6,621,752 as of December 31, 2024).\n\nOn August 13, 2025, the Board of Directors confirmed the issuance of 342,691 common shares within the authorized capital limit provided by art. 6 of the Company's Bylaws, due to the partial exercise of the rights conferred by the subscription warrants issued by the Company at the time of the merger of all Extrafarma shares into the Company, approved by the Company’s Extraordinary General Meeting held on January 31, 2014.\n\nOn April 16, 2025 the Ordinary General Meeting approved the increase in the Company's capital in the total amount of R$ 1,365,348, without the issuance of shares, through the incorporation into the share capital of part of the amounts recorded in the statutory reserve for investments.\n\nOn February 26, 2025, the Board of Directors confirmed the issuance of 67,679 common shares within the authorized capital limit provided by art. 6 of the Company's Bylaws, due to the partial exercise of the rights conferred by the subscription warrants issued by the Company at the time of the merger of all Extrafarma shares into the Company, approved by the Company’s Extraordinary General Meeting held on January 31, 2014.\n\nThe price of the Company-issued shares on B3 as of December 31, 2025 was R$ 20.90 (R$ 15.88 as of December 31, 2024 and R$ 26.51 as of December 31, 2023).\n\nAs of December 31, 2025, there were 70,252,989 common shares outstanding abroad in the form of ADRs (65,757,889 shares as of December 31, 2024).\n\nb. Equity instrument granted\n\nThe Company has a share-based incentive plan, which establishes the general terms and conditions for the concession of common shares issued by the Company and held in treasury (see Note 8.d). As of December 31, 2025, the balance of treasury shares granted with right of use was 18,601,046 common shares (14,083,439 as of December 31, 2024).\n\nc. Treasury shares\n\nThe Company acquired its own shares at market prices, without capital reduction, to be held in treasury and to be subsequently disposed of or cancelled.\n\nOn November 28, 2024, the Company's Board of Directors approved a buyback program of shares issued by the Company, effective for twelve months starting on December 2, 2024 and limited to a maximum of 25,000,000 common shares, which was completed on July 29, 2025. In 2024, 8,900,000 shares were acquired at an average cost of R$ 16.74 per share and, in 2025, 16,100,000 shares were acquired at an average cost of R$ 16.58 per share.\n\nF-62\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nAs of December 31, 2025, the balance was R$ 822,526 (R$ 596,400 as of December 31, 2024) and 28,542,005 common shares (19,283,471 as of December 31, 2024 and 16,195,439 as of December 31, 2023) were held unrestricted in the Company's treasury, acquired at an average cost of R$ 17.45 per share.\n\n12/31/2025\n\n12/31/2024\n\nBalance of unrestricted shares held in treasury\n\n28,542,005\n\n19,283,471\n\nBalance of treasury shares granted with right of use\n\n18,601,046\n\n14,083,439\n\nTotal balance of treasury shares\n\n47,143,051\n\n33,366,910\n\nd. Capital reserve\n\nThe capital reserve reflects the gain or loss on the disposal of shares for concession of usufruct to executives of the Company's subsidiaries, when the plan is finalized, as mentioned in Note 8.d., because of the association with Extrafarma in 2014, the Company recognized an increase in the capital reserve in the amount of R$ 498,812, due to the difference between the value attributed to share capital and the market value of the Ultrapar shares on the date of issuance, less R$ 2,260 related to the costs for the issuance of these shares. Additionally, on February 28, 2024, August 7, 2024, February 26, 2025 and August 13, 2025, there was an increase in the reserve in the amounts of R$ 5,631, R$ 821, R$ 1,126 and R$ 6,737, respectively, due to the partial exercise of the subscription warrants – indemnification (see Note 19).\n\ne. Revaluation reserve\n\nThe revaluation reserve, recognized prior to the adoption of the international accounting standards (IFRS Accounting Standards), reflects the revaluation of assets of subsidiaries and is based on depreciation, write-off, or disposal of the revalued assets of the subsidiaries, as well as the tax effects recognized by these subsidiaries.\n\nf. Profit reserves\n\nf.1 Legal reserve\n\nUnder Brazilian Corporate Law the Company is required to allocate 5% of net annual earnings to a legal reserve, until the balance reaches 20% of share capital. As of December 31, 2025, the legal reserve totaled R$ 362,819 (R$ 240,127 as of December 31, 2024). This reserve may be used to increase capital or to absorb losses but may not be distributed as dividends.\n\nf.2 Investments statutory reserve\n\nIn compliance with Article 194 of the Brazilian Corporate Law and Article 54 of the Bylaws, this reserve is aimed to protect the integrity of the Company’s assets and to supplement its share capital, in order to allow new investments to be made. As provided for in its bylaws, the Company may allocate up to 75% of the annual net income, after deducting the legal reserve, to the investments reserve, up to the limit of 100% of the share capital.\n\nThe investments reserve is free of distribution restrictions and totaled R$ 7,299,584 as of December 31, 2025 (R$ 7,746,973 as of December 31, 2024).\n\ng. Accumulated other comprehensive income\n\n(i)\nGains and losses on the hedging instruments of exchange rate related to firm commitment and highly probable transactions designated as cash flows hedges are recognized in equity as “Accumulated other comprehensive income”. Gains and losses are reclassified to initial cost of non-financial assets recognized in the statement of income at the moment of paid-off of the hedge instrument.\n\n(ii)\nThe variation in exchange rates on assets, liabilities and profit or loss of foreign associates with a functional currency different from the functional currency of the Company and its own management is recognized directly in equity. This cumulative effect is reflected in profit or loss as a gain or loss only in case of disposal or write-off of the investment.\n\nF-63\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n(iii)\nActuarial gains and losses relating to post-employment benefits, calculated based on a valuation conducted by an independent actuary, are recognized in equity under the heading “Accumulated other comprehensive income”. Gains and losses recorded in equity are not reclassified to profit or loss in subsequent periods.\n\n(iv)\nThe Company also recognizes in this line item the effect of changes in the non-controlling interest in subsidiaries that do not result in loss of control. This amount corresponds to the difference between the amount by which the non-controlling interest was adjusted and the fair value of the consideration received or paid and represents a transaction with shareholders.\n\nBalance and changes in Accumulated other comprehensive income of the Company are as follows:\n\nFair value of cash flow hedging instruments (i)\n\nFair value of financial investments (ii)\n\nCumulative translation adjustments of associates\n\nActuarial gain/(loss) of post-employment benefits (iii)\n\nNon-controlling shareholders interest change (iv)\n\nOthers\n\nTotal\n\nAs of December 31, 2022\n\n‐\n\n-\n\n-\n\n(18,142\n\n)\n\n197,369\n\n747\n\n179,974\n\nChanges in fair value of financial instruments\n\n(11,375\n\n)\n\n‐\n\n‐\n\n284\n\n(11,091\n\n)\n\nIRPJ and CSLL on fair value\n\n3,691\n\n‐\n\n‐\n\n‐\n\n3,691\n\nActuarial gains of own and subsidiaries’ post-employment benefits\n\n‐\n\n(28,710\n\n)\n\n‐\n\n‐\n\n(28,710\n\n)\n\nIRPJ and CSLL on actuarial gains\n\n‐\n\n10,244\n\n‐\n\n‐\n\n10,244\n\nAs of December 31, 2023\n\n(7,684\n\n)\n\n‐\n\n‐\n\n(36,608\n\n)\n\n197,369\n\n1,031\n\n154,108\n\nChanges in fair value of financial instruments\n\n12,186\n\n‐\n\n‐\n\n‐\n\n‐\n\n52\n\n12,238\n\nIRPJ and CSLL on fair value\n\n(3,691\n\n)\n\n‐\n\n‐\n\n‐\n\n‐\n\n‐\n\n(3,691\n\n)\n\nActuarial gains of own and subsidiaries’ post-employment benefits\n\n‐\n\n‐\n\n‐\n\n24,587\n\n‐\n\n‐\n\n24,587\n\nIRPJ and CSLL on actuarial gains\n\n‐\n\n‐\n\n‐\n\n(9,164\n\n)\n\n‐\n\n‐\n\n(9,164\n\n)\n\nCurrency translation adjustment of foreign associates\n\n‐\n\n‐\n\n36,134\n\n‐\n\n‐\n\n‐\n\n36,134\n\nAs of December 31, 2024\n\n811\n\n‐\n\n36,134\n\n(21,185\n\n)\n\n197,369\n\n1,083\n\n214,212\n\nChanges in fair value of financial instruments\n\n-\n\n‐\n\n66,843\n\n‐\n\n‐\n\n(1,317\n\n)\n\n65,526\n\nActuarial gains of own and subsidiaries’ post-employment benefits\n\n‐\n\n‐\n\n‐\n\n253\n\n‐\n\n‐\n\n253\n\nIRPJ and CSLL on actuarial gains\n\n‐\n\n‐\n\n‐\n\n843\n\n‐\n\n‐\n\n843\n\nCurrency translation adjustment of foreign associates\n\n‐\n\n‐\n\n(57,479\n\n)\n\n‐\n\n‐\n\n‐\n\n(57,479\n\n)\n\nAs of December 31, 2025\n\n811\n\n‐\n\n45,948\n\n(20,089\n\n)\n\n197,369\n\n(234\n\n)\n\n223,355\n\nh. Allocation of income for the year\n\nOn August 9, 2023, the distribution of interim dividends, attributed to the mandatory minimum dividend, of R$ 273,798 (R$ 0.25 - per share) was approved, and the payment was made from August 25, 2023 onwards. On February 28, 2024, the Board of Directors approved and on April 17, 2024 the Ordinary General Shareholders’ Meeting ratified the payment of the Company’s additional dividends to the Company's minimum mandatory dividends related to 2023 in the amount of R$ 134,031. The proposed dividends payable for the year 2023, the amount of which as of December 31, 2023 totaled R$ 439,684 (R$ 0.40 - per share), were approved by the Board of Directors on February 28, 2024 and were paid from March15, 2024 onwards.\n\nF-64\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nOn February 26, 2025, the Board of Directors approved the distribution of dividends for the year 2024 in the amount of R$ 493,301 (R$ 0.45 per share), paid on March 14, 2025, without remuneration or monetary variation. Of this amount, R$ 285,180 (R$0.26 per share) refer to minimum mandatory dividends and R$ 208,121 (R$0.19 per share) to additional dividends to the minimum mandatory dividends. The distribution of dividends was ratified by the shareholders at the Ordinary and Extraordinary General Meeting on April 16, 2025.\n\nOn August 13, 2025, the Board of Directors approved the distribution of interim dividends in the amount of R$ 326,005 (R$ 0.30 per share), paid as from August 29, 2025, without remuneration or monetary variation. On December 1, 2025, the Board of Directors approved the distribution of interim dividends in the amount of R$ 1,087,308 (R$ 1.00 per share), paid as from December 16, 2025, without remuneration or monetary variation. Of the total dividends distributed for the year 2025, R$ 582,790 refer to minimum mandatory dividends and R$ 830,523 refer to additional dividends to the minimum mandatory dividends.\n\nThe management's proposal for the allocation of net income for 2025 and for distribution of dividends is as follows:\n\nAllocation of net income\n\n12/31/2025\n\n12/31/2024\n\n12/31/2023\n\nNet income for the year attributable to shareholders of Ultrapar\n\n2,453,853\n\n2,362,740\n\n2,439,795\n\nLegal reserve (5% of the net income)\n\n(122,692\n\n)\n\n(118,137\n\n)\n\n(121,990\n\n)\n\nAdjusted net income (basis for dividends)\n\n2,331,161\n\n2,244,603\n\n2,317,805\n\nMinimum mandatory dividends for the year (25% of the adjusted net income)\n\n582,790\n\n561,151\n\n579,451\n\nInterim dividends already distributed (R$ 0.30 per share in 2025, R$ 0.25 per share in 2024 and 2023)\n\n(326,005\n\n)\n\n(275,971\n\n)\n\n(273,798\n\n)\n\nInterim dividends already distributed (R$ 1.00 per share)\n\n(1,087,308\n\n)\n\n-\n\n-\n\nAdditional dividends to the minimum mandatory dividends\n\n830,523\n\n208,121\n\n134,031\n\nBalance of proposed dividends payable (R$ 0.45 per share in 2024 and R$ 0.40 per share in 2023)\n\n-\n\n493,301\n\n439,684\n\nAllocation of dividends\n\nMinimum mandatory dividends for the year (25% of the adjusted net income)\n\n582,790\n\n561,151\n\n579,451\n\nAdditional dividends to the minimum mandatory dividends\n\n830,523\n\n208,121\n\n134,031\n\nTotal amount of dividends distributed\n\n1,413,313\n\n769,272\n\n713,482\n\nAllocation of net income\n\nLegal reserve (5% of the net income)\n\n122,692\n\n118,137\n\n121,990\n\nStatutory reserve\n\n917,848\n\n1,475,331\n\n1,604,323\n\nMinimum mandatory dividends for the year (25% of the adjusted net income)\n\n582,790\n\n561,151\n\n579,451\n\nAdditional dividends to the minimum mandatory dividends\n\n830,523\n\n208,121\n\n134,031\n\nTotal distribution of net income for the year attributable to shareholders of Ultrapar\n\n2,453,853\n\n2,362,740\n\n2,439,795\n\nChanges in dividends payable are as follows:\n\nBalance as of December 31, 2022\n\n48,525\n\nProvisions\n\n688,189\n\nPrescribed dividends\n\n(2,048\n\n)\n\nPayments\n\n(400,025\n\n)\n\nBalance as of December 31, 2023\n\n334,641\n\nDividends payable\n\n829,857\n\nDividends prescribed\n\n(3,369\n\n)\n\nPayments\n\n(833,658\n\n)\n\nBalance as of December 31, 2024\n\n327,471\n\nProvisions\n\n1,867,734\n\nPayments\n\n(2,172,132\n\n)\n\nBalance as of December 31, 2025\n\n23,073\n\nF-65\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[21. Costs, expenses and other operating results by nature](#TOC)\n\nThe Company presents its results by nature in the statement of income and details below its costs, expenses and other operating results by nature:\n\n2025\n\n2024\n\n2023\n\nRaw materials and materials for use and consumption\n\n(129,898,055\n\n)\n\n(121,796,193\n\n)\n\n(114,657,376\n\n)\n\nPersonnel expenses\n\n(2,863,673\n\n)\n\n(2,591,309\n\n)\n\n(2,335,738\n\n)\n\nFreight and storage\n\n(1,200,420\n\n)\n\n(1,276,230\n\n)\n\n(1,378,054\n\n)\n\nDepreciation and amortization\n\n(1,219,034\n\n)\n\n(900,673\n\n)\n\n(840,377\n\n)\n\nServices provided by third parties\n\n(947,407\n\n)\n\n(794,155\n\n)\n\n(662,542\n\n)\n\nPurchase of electricity (a)\n\n(654,289\n\n)\n\n(171,183\n\n)\n\n-\n\nDecarbonization obligation (b)\n\n(370,823\n\n)\n\n(584,371\n\n)\n\n(740,298\n\n)\n\nAmortization of right-of-use assets\n\n(367,129\n\n)\n\n(312,060\n\n)\n\n(305,900\n\n)\n\nAdvertising and marketing\n\n(231,779\n\n)\n\n(221,344\n\n)\n\n(235,167\n\n)\n\nBonuses and commissions\n\n(159,200\n\n)\n\n(122,436\n\n)\n\n(136,090\n\n)\n\nTaxes and fees\n\n(128,071\n\n)\n\n(60,411\n\n)\n\n(105,577\n\n)\n\nOther expenses and income, net (c)\n\n616,538\n\n232,741\n\n(207,600\n\n)\n\nTotal\n\n(137,423,342\n\n)\n\n(128,597,624\n\n)\n\n(121,604,719\n\n)\n\nClassified as:\n\nCost of products and services sold\n\n(133,010,699\n\n)\n\n(123,811,893\n\n)\n\n(116,730,469\n\n)\n\nSelling and marketing\n\n(2,517,894\n\n)\n\n(2,499,547\n\n)\n\n(2,253,226\n\n)\n\nGeneral and administrative\n\n(2,249,413\n\n)\n\n(1,872,092\n\n)\n\n(2,018,159\n\n)\n\nOther operating income (expenses), net (c)\n\n354,664\n\n(414,092\n\n)\n\n(602,865\n\n)\n\nTotal\n\n(137,423,342\n\n)\n\n(128,597,624\n\n)\n\n(121,604,719\n\n)\n\n(a)\nRefers to the purchase of electricity of subsidiary Ultragaz Comercializadora, acquired by Ultragaz in 2024. For further information, see Note 27.c.\n\n(b)\nRefers to the obligation established by the RenovaBio program to meet decarbonization targets for the gas and oil sector. The amounts are presented in Other operating income (expenses), net.\n\n(c)\nInclude extemporaneous credits recognized in the year 2025 of R$ 672,572, see Note 7.\n\nF-66\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[22. Financial result](#TOC)\n\n2025\n\n2024\n\n2023\n\nFinancial income:\n\nInterest on financial investments\n\n731,698\n\n514,460\n\n518,607\n\nInterest from customers\n\n168,348\n\n173,184\n\n127,562\n\nUpdate of subscription warrants (see Note 19)\n\n‐\n\n31,657\n\n‐\n\nSelic interest on PIS/COFINS credits (a)\n\n636,946\n\n57,839\n\n132,257\n\nOther finance income\n\n43,850\n\n103,934\n\n102,458\n\n1,580,842\n\n881,074\n\n880,884\n\nFinancial expenses:\n\nInterest on loans, financing and financial instruments\n\n(2,254,249\n\n)\n\n(1,235,748\n\n)\n\n(1,482,183\n\n)\n\nInterest on leases payable\n\n(153,247\n\n)\n\n(133,767\n\n)\n\n(143,005\n\n)\n\nUpdate of subscription warrants (see Note 19)\n\n(14,317\n\n)\n\n‐\n\n(45,084\n\n)\n\nBank charges, financial transactions tax, and other taxes\n\n(151,987\n\n)\n\n(151,518\n\n)\n\n(156,481\n\n)\n\nForeign exchange variations, net of gain (loss) on derivative financial instruments\n\n(81,131\n\n)\n\n(280,861\n\n)\n\n38,161\n\nUpdate of provisions and other expenses\n\n(93,265\n\n)\n\n(11,114\n\n)\n\n(91,422\n\n)\n\n(2,748,196\n\n)\n\n(1,813,008\n\n)\n\n(1,880,014\n\n)\n\nTotal\n\n(1,167,354\n\n)\n\n(931,934\n\n)\n\n(999,130\n\n)\n\n(a)\nInclude the result of financial income arising from extemporaneous credits recognized in the year 2025 of R$ 480,318, see Note 7.\n\nF-67\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[23. Earnings per share](#TOC)\n\n \n\nThe table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a stock plan and subscription warrants, as mentioned in Notes 8.d and 19, respectively.\n\n \n\n2025\n\n \n\n \n\n \n\n \n\n \n\nContinuing Operations\n\nDiscontinued Operations\n\nTotal\n\n \n\n2024\n\n \n\n2023\n\nBasic earnings per share \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income for the year of the Company\n\n2,575,006\n\n(121,153\n\n)\n\n2,453,853\n\n \n\n2,362,740\n\n \n\n2,439,795\n\nWeighted average number of shares outstanding (in thousands)\n\n1,071,727\n\n1,071,727\n\n1,071,727\n\n \n\n1,102,130\n\n \n\n1,095,469\n\nBasic earnings per share - R$\n\n2.4027\n\n(0.1130\n\n)\n\n2.2896\n\n \n\n2.1438\n\n \n\n2.2272\n\nDiluted earnings per share\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income for the year of the Company\n\n2,575,006\n\n(121,153\n\n)\n\n2,453,853\n\n \n\n2,362,740\n\n \n\n2,439,795\n\nWeighted average number of outstanding shares (in thousands), including dilution effects\n\n1,095,126\n\n1,095,126\n\n1,095,126\n\n \n\n1,117,595\n\n \n\n1,104,942\n\nDiluted earnings per share - R$\n\n2.3513\n\n(0.1106\n\n)\n\n2.2407\n\n \n\n2.1141\n\n \n\n2.2081\n\nWeighted average number of shares (in thousands)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nWeighted average number of shares for basic earnings per share\n\n‐\n\n‐\n\n1,071,727\n\n \n\n1,102,130\n\n \n\n1,095,469\n\nDilution effect\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSubscription warrants\n\n‐\n\n‐\n\n2,816\n\n \n\n3,051\n\n \n\n3,334\n\nStock plan\n\n‐\n\n‐\n\n20,583\n\n \n\n12,414\n\n \n\n6,139\n\nWeighted average number of shares for diluted earnings per share\n\n‐\n\n‐\n\n1,095,126\n\n \n\n1,117,595\n\n \n\n1,104,942\n\nEarnings per share were adjusted retrospectively by the issuance of 3,266,694 (2,629,311 in 2024 and 2,613,452 in 2023) common shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in Note 19.\n\nF-68\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[24. Segment information](#TOC)\n\nThe segments shown in these financial statements are strategic business units supplying different products and services. Intersegment sales are made considering the conditions negotiated between the parties.\n\nThe main segments are presented in the table below:\n\nSegment\n\nMain activities\n\nUltragaz\n\nDistribution of liquefied petroleum gas (LPG) in the segments: bulk, comprising condominiums, trade, services, industries and agribusiness; and bottled, mainly comprising residential consumers. To expand the offer of energy solutions to its customers, the company also operates in the segments of renewable energy solutions and compressed natural gas.\n\nIpiranga\n\nDistribution and sale of oil-related products, biofuels and similar products (gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles, and lubricants) to service stations that operate under the Ipiranga brand throughout Brazil and to major consumers and carrier-reseller-retailer (TRRs), as well as in the convenience stores and automotive services segments.\n\nUltracargo\n\nOperates in specialized liquid bulk storage solutions in the main logistics centers of Brazil.\n\nHidrovias (1)\n\nOperations in logistics solutions and waterway and multimodal infrastructure, in Brazil and abroad.\n\n(1)\nAs of May 2025, through the acquisition of control according to Note 27.b, the Company began to report Hidrovias as a new operating segment.\n\na. Geographic area information\n\nThe subsidiaries generate revenue from operations in Brazil, as well as from exports of products and services to foreign customers, as disclosed below:\n\n2025\n\n2024\n\n2023\n\nNet revenue from sales and services:\n\nBrazil\n\n139,822,732\n\n132,311,614\n\n124,400,378\n\nEurope\n\n267,352\n\n50,717\n\n202,665\n\nUnited States of America and Canada\n\n729,467\n\n681,136\n\n1,084,594\n\nOther Latin American countries\n\n527,285\n\n202,949\n\n204,306\n\nOceania\n\n768,434\n\n‐\n\nOthers\n\n254,270\n\n252,497\n\n156,758\n\nTotal\n\n142,369,540\n\n133,498,913\n\n126,048,701\n\nF-69\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb. Financial information related to segments\n\nThe main financial information of each of the continuing operations of the Company’s segments is as follows.\n\n12/31/2025\n\nProfit or loss\n\nIpiranga\n\nUltragaz\n\nUltracargo\n\nHidrovias (3)\n\nOthers (1) (2)\n\nSubtotal Segments\n\nEliminations\n\nTotal\n\n \n\nNet revenue from sales and services\n\n127,632,935\n\n12,313,710\n\n1,020,908\n\n1,562,214\n\n9,081\n\n142,538,848\n\n(169,308\n\n)\n\n142,369,540\n\nTransactions with third parties\n\n127,632,761\n\n12,312,469\n\n861,193\n\n1,562,214\n\n903\n\n142,369,540\n\n‐\n\n142,369,540\n\nIntersegment transactions\n\n174\n\n1,241\n\n159,715\n\n‐\n\n8,178\n\n169,308\n\n(169,308\n\n)\n\n‐\n\nCost of products and services sold\n\n(121,937,313\n\n)\n\n(9,838,452\n\n)\n\n(443,085\n\n)\n\n(951,780\n\n)\n\n‐\n\n(133,170,630\n\n)\n\n159,931\n\n(133,010,699\n\n)\n\nGross profit\n\n5,695,622\n\n2,475,258\n\n577,823\n\n610,434\n\n9,081\n\n9,368,218\n\n(9,377\n\n)\n\n9,358,841\n\nOperating income (expenses)\n\nSelling and marketing\n\n(1,878,042\n\n)\n\n(635,926\n\n)\n\n(9,148\n\n)\n\n(1,777\n\n)\n\n‐\n\n(2,524,893\n\n)\n\n6,999\n\n(2,517,894\n\n)\n\nGeneral and administrative\n\n(1,146,699\n\n)\n\n(417,749\n\n)\n\n(157,428\n\n)\n\n(265,500\n\n)\n\n(269,664\n\n)\n\n(2,257,040\n\n)\n\n7,627\n\n(2,249,413\n\n)\n\nGain (loss) on disposal of assets\n\n141,782\n\n(62,924\n\n)\n\n(465\n\n)\n\n21,088\n\n89\n\n99,570\n\n‐\n\n99,570\n\nOther operating income (expenses), net\n\n340,822\n\n15,279\n\n6,963\n\n(60,278\n\n)\n\n51,878\n\n354,664\n\n‐\n\n354,664\n\nOperating income (loss)\n\n3,153,485\n\n1,373,938\n\n417,745\n\n303,967\n\n(208,616\n\n)\n\n5,040,519\n\n5,249\n\n5,045,768\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n(12,066\n\n)\n\n514\n\n2,840\n\n(69,646\n\n)\n\n(77,641\n\n)\n\n(155,999\n\n)\n\n‐\n\n(155,999\n\n)\n\nAmortization of fair value adjustments on associates acquisition\n\n‐\n\n‐\n\n(1,611\n\n)\n\n‐\n\n‐\n\n(1,611\n\n)\n\n‐\n\n(1,611\n\nGain on acquisition of control of associate\n\n‐\n\n‐\n\n‐\n\n91,105\n\n‐\n\n91,105\n\n‐\n\n91,105\n\nTotal share of profit (loss) of subsidiaries, joint ventures and associates\n\n(12,066\n\n)\n\n514\n\n1,229\n\n21,459\n\n(77,641\n\n)\n\n(66,505\n\n)\n\n‐\n\n(66,505\n\n)\n\nIncome (loss) before financial result and income and social contribution taxes\n\n3,141,419\n\n1,374,452\n\n418,974\n\n325,426\n\n(286,257\n\n)\n\n4,974,014\n\n5,249\n\n4,979,263\n\nDepreciation and amortization (a)\n\n450,684\n\n333,568\n\n130,889\n\n274,928\n\n17,905\n\n1,207,974\n\n(5,906\n\n)\n\n1,202,068\n\nAmortization of contractual assets with customers - exclusivity rights\n\n469,765\n\n1\n\n‐\n\n‐\n\n‐\n\n469,766\n\n‐\n\n469,766\n\nAmortization of right-of-use assets\n\n214,700\n\n84,473\n\n33,574\n\n31,429\n\n2,953\n\n367,129\n\n‐\n\n367,129\n\nAmortization of fair value adjustments on associates acquisition\n\n‐\n\n‐\n\n1,611\n\n‐\n\n‐\n\n1,611\n\n‐\n\n1,611\n\nTotal depreciation and amortization\n\n1,135,149\n\n418,042\n\n166,074\n\n306,357\n\n20,858\n\n2,046,480\n\n(5,906\n\n)\n\n2,040,574\n\n(a)\nThe amount is net of PIS and COFINS on depreciation in the amount of R$ 16,967.\n\nF-70\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n12/31/2024\n\nProfit or loss\n\nIpiranga\n\nUltragaz\n\nUltracargo\n\nOthers (1) (2)\n\nSubtotal Segments\n\nEliminations\n\nTotal\n\n \n\nNet revenue from sales and services\n\n121,336,232\n\n11,288,418\n\n1,075,558\n\n8,691\n\n133,708,899\n\n(209,986\n\n)\n\n133,498,913\n\nTransactions with third parties\n\n121,335,586\n\n11,287,337\n\n875,997\n\n(7\n\n)\n\n133,498,913\n\n‐\n\n133,498,913\n\nIntersegment transactions\n\n646\n\n1,081\n\n199,561\n\n8,698\n\n209,986\n\n(209,986\n\n)\n\n‐\n\nCost of products and services sold\n\n(114,730,458\n\n)\n\n(8,895,244\n\n)\n\n(386,568\n\n)\n\n‐\n\n(124,012,270\n\n)\n\n200,377\n\n(123,811,893\n\n)\n\nGross profit\n\n6,605,774\n\n2,393,174\n\n688,990\n\n8,691\n\n9,696,629\n\n(9,609\n\n)\n\n9,687,020\n\nOperating income (expenses)\n\nSelling and marketing\n\n(1,886,281\n\n)\n\n(606,609\n\n)\n\n(10,723\n\n)\n\n(11\n\n)\n\n(2,503,624\n\n)\n\n4,077\n\n(2,499,547\n\n)\n\nGeneral and administrative\n\n(1,132,913\n\n)\n\n(344,060\n\n)\n\n(176,687\n\n)\n\n(230,068\n\n)\n\n(1,883,728\n\n)\n\n11,636\n\n(1,872,092\n\n)\n\nGain (loss) on disposal of assets\n\n167,657\n\n4,134\n\n(24\n\n)\n\n70\n\n171,837\n\n‐\n\n171,837\n\nOther operating income (expenses), net\n\n(512,714\n\n)\n\n82,552\n\n13,692\n\n2,378\n\n(414,092\n\n)\n\n‐\n\n(414,092\n\n)\n\nOperating income (loss)\n\n3,241,523\n\n1,529,191\n\n515,248\n\n(218,940\n\n)\n\n5,067,022\n\n6,104\n\n5,073,126\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n(8,654\n\n)\n\n578\n\n3,433\n\n(122,539\n\n)\n\n(127,182\n\n)\n\n‐\n\n(127,182\n\n)\n\nAmortization of fair value adjustments on associates acquisition\n\n‐\n\n‐\n\n(2,493\n\n)\n\n‐\n\n(2,493\n\n)\n\n‐\n\n(2,493\n\nTotal share of profit (loss) of subsidiaries, joint ventures and associates\n\n(8,654\n\n)\n\n578\n\n940\n\n(122,539\n\n)\n\n(129,675\n\n)\n\n‐\n\n(129,675\n\n)\n\nIncome (loss) before financial result and income and social contribution taxes\n\n3,232,869\n\n1,529,769\n\n516,188\n\n(341,479\n\n)\n\n4,937,347\n\n6,104\n\n4,943,451\n\nDepreciation and amortization (a)\n\n444,924\n\n284,153\n\n118,559\n\n19,451\n\n867,087\n\n(5,953\n\n)\n\n861,134\n\nAmortization of contractual assets with customers - exclusivity rights\n\n553,840\n\n1,243\n\n‐\n\n‐\n\n555,083\n\n‐\n\n555,083\n\nAmortization of right-of-use assets\n\n213,092\n\n66,081\n\n29,998\n\n2,889\n\n312,060\n\n‐\n\n312,060\n\nAmortization of fair value adjustments on associates acquisition\n\n‐\n\n‐\n\n2,493\n\n‐\n\n2,493\n\n‐\n\n2,493\n\nTotal depreciation and amortization\n\n1,211,856\n\n351,477\n\n151,050\n\n22,340\n\n1,736,723\n\n(5,953\n\n)\n\n1,730,770\n\n(a)\nThe amount is net of PIS and COFINS on depreciation in the amount of R$ 39,539.\n\nF-71\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n12/31/2023\n\nProfit or loss\n\nIpiranga (Restated) (3)\n\nUltragaz\n\nUltracargo\n\nOthers (1) (2) (Restated) (4)\n\nSubtotal Segments\n\nEliminations\n\nTotal\n\n \n\nNet revenue from sales and services\n\n114,551,830\n\n10,670,793\n\n1,015,564\n\n14,308\n\n126,252,495\n\n(203,794\n\n)\n\n126,048,701\n\nTransactions with third parties\n\n114,551,827\n\n10,669,365\n\n815,249\n\n12,260\n\n126,048,701\n\n‐\n\n126,048,701\n\nIntersegment transactions\n\n3\n\n1,428\n\n200,315\n\n2,048\n\n203,794\n\n(203,794\n\n)\n\n‐\n\nCost of products and services sold\n\n(108,074,324\n\n)\n\n(8,485,215\n\n)\n\n(355,798\n\n)\n\n‐\n\n(116,915,337\n\n)\n\n184,868\n\n(116,730,469\n\n)\n\nGross profit\n\n6,477,506\n\n2,185,578\n\n659,766\n\n14,308\n\n9,337,158\n\n(18,926\n\n)\n\n9,318,232\n\nOperating income (expenses)\n\nSelling and marketing\n\n(1,615,178\n\n)\n\n(626,554\n\n)\n\n(11,395\n\n)\n\n(99\n\n)\n\n(2,253,226\n\n)\n\n‐\n\n(2,253,226\n\n)\n\nGeneral and administrative\n\n(1,318,092\n\n)\n\n(298,171\n\n)\n\n(167,344\n\n)\n\n(253,478\n\n)\n\n(2,037,085\n\n)\n\n18,926\n\n(2,018,159\n\n)\n\nResults from disposal of property, plant and equipment and intangible assets\n\n170,604\n\n13,199\n\n103\n\n(2,915\n\n)\n\n180,991\n\n(59,056\n\n)\n\n121,935\n\nOther operating income (expenses), net\n\n(657,376\n\n)\n\n20,191\n\n2,335\n\n31,985\n\n(602,865\n\n)\n\n‐\n\n(602,865\n\n)\n\nOperating income (loss)\n\n3,057,464\n\n1,294,243\n\n483,465\n\n(210,199\n\n)\n\n4,624,973\n\n(59,056\n\n)\n\n4,565,917\n\nShare of profit (loss) of subsidiaries, joint ventures and associates\n\n(7,508\n\n)\n\n26\n\n11,764\n\n7,626\n\n11,908\n\n‐\n\n11,908\n\nIncome (loss) before financial result and income and social contribution taxes\n\n3,049,956\n\n1,294,269\n\n495,229\n\n(202,573\n\n)\n\n4,636,881\n\n(59,056\n\n)\n\n4,577,825\n\nDepreciation and amortization (a)\n\n429,809\n\n291,462\n\n105,274\n\n14,324\n\n840,869\n\n(492\n\n)\n\n840,377\n\nAmortization of contractual assets with customers - exclusivity rights\n\n606,036\n\n1,410\n\n‐\n\n‐\n\n607,446\n\n‐\n\n607,446\n\nAmortization of right-of-use assets\n\n211,934\n\n61,124\n\n30,454\n\n2,388\n\n305,900\n\n‐\n\n305,900\n\nTotal depreciation and amortization\n\n1,247,779\n\n353,996\n\n135,728\n\n16,712\n\n1,754,215\n\n(492\n\n)\n\n1,753,723\n\n(a)\nThe amount is net of PIS and COFINS on depreciation in the amount of R$ 8,517.\n\n(1)\nIncludes in the line “General and administrative and Revenue from sale of goods” the amount of R$ 209,697 in 2025 (R$ 172,242 in 2024 and R$ 167,929 in 2023) of expenses related to Ultrapar's holding structure.\n\n(2)\nThe “Others” column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, Eaí Clube Automobilista and share of profit (loss) of joint venture RPR and of Hidrovias while associate.\n\n(3)\nThe “Hidrovias” segment is composed of Hidrovias (HBSA3), which became consolidated in May 2025, and its parent company Ultra Logística, direct subsidiary of Ultrapar, and therefore, the reported numbers may contain differences with the numbers reported by Hidrovias (HBSA3).\n\n(4)\nRefers to a change on the corporate structure which the companies Eaí and Millenium became part of Ipiranga consolidated, being restated in 2023 for comparability purposes.\n\nF-72\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nc. Assets by segment\n\n12/31/2025\n\nAssets\n\nIpiranga\n\nUltragaz\n\nUltracargo\n\nHidrovias (1)\n\nOthers (2)\n\nSubtotal Segments\n\nTotal\n\nInvestments\n\n102,837\n\n4,092\n\n238,607\n\n135,973\n\n39,872\n\n521,381\n\n521,381\n\nProperty, plant and equipment\n\n3,428,819\n\n1,667,025\n\n2,596,271\n\n4,340,526\n\n134,456\n\n12,167,097\n\n12,167,097\n\nIntangible assets\n\n1,277,871\n\n274,971\n\n286,219\n\n1,201,198\n\n276,219\n\n3,316,478\n\n3,316,478\n\nRight-of-use assets\n\n826,598\n\n187,116\n\n620,628\n\n288,733\n\n5,619\n\n1,928,694\n\n1,928,694\n\nOther current and non-current assets\n\n21,191,237\n\n3,563,356\n\n447,929\n\n2,351,670\n\n3,861,152\n\n31,415,344\n\n31,415,344\n\nTotal assets (excluding intersegment transactions)\n\n26,827,362\n\n5,696,560\n\n4,189,654\n\n8,318,100\n\n4,317,318\n\n49,348,994\n\n49,348,994\n\n12/31/2024\n\nAssets\n\nIpiranga\n\nUltragaz\n\nUltracargo\n\nOthers (2)\n\nSubtotal Segments\n\nTotal\n\nInvestments\n\n146,450\n\n1,042\n\n216,134\n\n1,785,007\n\n2,148,633\n\n2,148,633\n\nProperty, plant and equipment\n\n3,282,469\n\n1,566,376\n\n2,157,663\n\n129,458\n\n7,135,966\n\n7,135,966\n\nIntangible assets\n\n1,017,405\n\n333,652\n\n283,598\n\n273,675\n\n1,908,330\n\n1,908,330\n\nRight-of-use assets\n\n911,783\n\n152,024\n\n599,853\n\n7,664\n\n1,671,324\n\n1,671,324\n\nOther current and non-current assets\n\n20,944,583\n\n2,156,708\n\n393,368\n\n3,199,162\n\n26,693,821\n\n26,693,821\n\nTotal assets (excluding intersegment transactions)\n\n26,302,690\n\n4,209,802\n\n3,650,616\n\n5,394,966\n\n39,558,074\n\n39,558,074\n\n(1)\nThe “Hidrovias” column is composed of Hidrovias and its parent company Ultra Logística, a direct subsidiary of Ultrapar, which is not part of Hidrovias segment, and therefore, the reported numbers may contain differences with the numbers reported by Hidrovias.\n\n(2)\nThe “Others” column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, Eaí Clube Automobilista and share of profit (loss) of joint venture RPR.\n\nF-73\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[25. Financial instruments](#TOC)\n\nAccounting policy\n\nFinancial instruments are classified and measured as follows:\n\n•\n\nAmortized cost: financial instruments held in order to collect and comply with contractual cash flows, solely principal and interest. Interest earned, losses and foreign exchange variations are recognized in profit or loss and balances are stated at amortized cost using the effective interest rate method.\n\n•\nMeasured at fair value through other comprehensive income: financial instruments contracted for the purpose of collecting contractual cash flows or selling financial assets. The balances are stated at fair value, and interest earned, losses and foreign exchange variations are recognized in profit or loss. Differences between fair value and initial amount of financial investments plus interest earned and foreign exchange variations are recognized in equity under “Accumulated other comprehensive income”. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement.\n\n•\nMeasured at fair value through profit or loss: financial instruments that were not classified as amortized cost or as measured at fair value through other comprehensive income. Balances are stated at fair value. Interest earned, foreign exchange variations and changes in fair value are recognized in profit or loss. Investment funds and derivatives are classified as measured at fair value through profit or loss.\n\nThe Company and its subsidiaries use financial instruments for hedging purposes, applying the following concepts:\n\n•\nHedge accounting – fair value hedge: financial instrument used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect profit or loss.\n\n•\nHedge accounting – cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction or firm commitment that may affect profit or loss.\n\n•\nHedge accounting – hedge of investments in foreign operations: financial instruments used to hedge exposure on net investments in foreign subsidiaries due to the fact that the local functional currency is different from the functional currency of the Company.\n\nClasses and categories of financial instruments and their fair values\n\nThe balances of financial instrument assets and liabilities and the measurement criteria are presented in accordance with the following categories:\n\n(a)\nLevel 1 – prices negotiated (without adjustment) in active markets for identical assets or liabilities;\n\n(b)\nLevel 2 – inputs other than prices negotiated in active markets included in Level 1 and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and\n\n(c)\nLevel 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).\n\nF-74\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nLevel\n\nCarrying value\n\nCarrying value\n\nFair value\n\n12/31/2025\n\nNote\n\nMeasured at fair value through profit or loss\n\nMeasured at amortized cost\n\nTotal\n\nFinancial assets:\n\nCash and cash equivalents\n\nCash and banks\n\n4.a\n\n‐\n\n842,295\n\n842,295\n\n842,295\n\nSecurities and funds in local currency\n\n4.a\n\nLevel 2\n\n515,456\n\n1,107,452\n\n1,622,908\n\n1,622,908\n\nSecurities and funds in foreign currency\n\n4.a\n\n‐\n\n709,922\n\n709,922\n\n709,922\n\nFinancial investments\n\nSecurities and funds in local currency\n\n4.b\n\nLevel 2\n\n3,188,963\n\n122,622\n\n3,311,585\n\n3,311,585\n\nSecurities and funds in foreign currency\n\n4.b\n\n‐\n\n2,921,770\n\n2,921,770\n\n2,921,770\n\nDerivative financial instruments\n\nFinancial\n\n26.f\n\nLevel 2\n\n777,064\n\n‐\n\n777,064\n\n777,064\n\nOperational\n\n26.f\n\nLevel 2\n\n123,253\n\n‐\n\n123,253\n\n123,253\n\nEnergy trading futures contracts\n\n26.h\n\nLevel 2\n\n1,095,362\n\n‐\n\n1,095,362\n\n1,095,362\n\nTrade receivables\n\n5.a\n\n‐\n\n4,089,708\n\n4,089,708\n\n4,089,708\n\nReseller financing\n\n5.a\n\n‐\n\n1,508,373\n\n1,508,373\n\n1,508,373\n\nRelated parties\n\n8\n\n‐\n\n105,196\n\n105,196\n\n105,196\n\nOther receivables and other assets\n\n‐\n\n469,109\n\n469,109\n\n469,109\n\nTotal\n\n5,700,098\n\n11,876,447\n\n17,576,545\n\n17,576,545\n\nFinancial liabilities:\n\nFinancing and debentures\n\n15.a\n\nLevel 2\n\n9,713,213\n\n10,380,048\n\n20,093,261\n\n20,020,048\n\nDerivative financial instruments\n\nFinancial\n\n26.f\n\nLevel 2\n\n501,148\n\n‐\n\n501,148\n\n501,148\n\nOperational\n\n26.f\n\nLevel 2\n\n79,767\n\n‐\n\n79,767\n\n79,767\n\nEnergy trading futures contracts\n\n26.h\n\nLevel 2\n\n734,873\n\n‐\n\n734,873\n\n734,873\n\nTrade payables\n\n16.a\n\n‐\n\n4,643,344\n\n4,643,344\n\n4,643,344\n\nTrade payables - reverse factoring\n\n-\n\n3,785\n\n3,785\n\n3,785\n\nSubscription warrants – indemnification\n\n19\n\nLevel 1\n\n53,911\n\n‐\n\n53,911\n\n53,911\n\nFinancial liabilities of customers\n\n‐\n\n74,326\n\n74,326\n\n74,326\n\nContingent consideration\n\n‐\n\n74,760\n\n74,760\n\n74,760\n\nRelated parties\n\n8\n\n‐\n\n2,875\n\n2,875\n\n2,875\n\nOther payables\n\n‐\n\n957,148\n\n957,148\n\n957,148\n\nTotal\n\n11,082,912\n\n16,136,286\n\n27,219,198\n\n27,145,985\n\nF-75\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nLevel\n\nCarrying value\n\nCarrying value\n\nFair value\n\n12/31/2024\n\nNote\n\nMeasured at fair value through profit or loss\n\nMeasured at amortized cost\n\nTotal\n\nFinancial assets:\n\nCash and cash equivalents\n\nCash and banks\n\n4.a\n\n‐\n\n405,840\n\n405,840\n\n405,840\n\nSecurities and funds in local currency\n\n4.a\n\n‐\n\n1,286,152\n\n1,286,152\n\n1,286,152\n\nSecurities and funds in foreign currency\n\n4.a\n\n‐\n\n379,601\n\n379,601\n\n379,601\n\nFinancial investments\n\nSecurities and funds in local currency\n\n4.b\n\nLevel 2\n\n2,271,979\n\n‐\n\n2,271,979\n\n2,271,979\n\nSecurities and funds in foreign currency\n\n4.b\n\n‐\n\n2,854,126\n\n2,854,126\n\n2,854,126\n\nDerivative financial instruments\n\nFinancial\n\n26.f\n\nLevel 2\n\n825,783\n\n‐\n\n825,783\n\n825,783\n\nOperational\n\n26.f\n\nLevel 2\n\n8,203\n\n‐\n\n8,203\n\n8,203\n\nEnergy trading futures contracts\n\n26.h\n\nLevel 2\n\n404,695\n\n‐\n\n404,695\n\n404,695\n\nTrade receivables\n\n5.a\n\n‐\n\n3,913,004\n\n3,913,004\n\n3,913,004\n\nReseller financing\n\n5.a\n\n‐\n\n1,404,883\n\n1,404,883\n\n1,404,883\n\nRelated parties\n\n8\n\n‐\n\n416\n\n416\n\n416\n\nOther receivables and other assets\n\n-\n\n‐\n\n386,853\n\n386,853\n\n386,853\n\nTotal\n\n3,510,660\n\n10,630,875\n\n14,141,535\n\n14,141,535\n\nFinancial liabilities:\n\nFinancing and debentures\n\n15.a\n\nLevel 2\n\n5,553,796\n\n8,306,714\n\n13,860,510\n\n13,600,251\n\nDerivative financial instruments\n\nFinancial\n\n26.f\n\nLevel 2\n\n419,842\n\n‐\n\n419,842\n\n419,842\n\nOperational\n\n26.f\n\nLevel 2\n\n21,758\n\n‐\n\n21,758\n\n21,758\n\nEnergy trading futures contracts\n\n26.h\n\nLevel 2\n\n114,776\n\n‐\n\n114,776\n\n114,776\n\nTrade payables\n\n16.a\n\n-\n\n-\n\n3,518,385\n\n3,518,385\n\n3,518,385\n\nTrade payables - reverse factoring\n\n16.b\n\n-\n\n‐\n\n1,014,504\n\n1,014,504\n\n1,014,504\n\nSubscription warrants – indemnification\n\n19\n\nLevel 1\n\n47,745\n\n‐\n\n47,745\n\n47,745\n\nFinancial liabilities of customers\n\n-\n\n-\n\n‐\n\n180,225\n\n180,225\n\n180,225\n\nContingent consideration\n\n28.a\n\n-\n\n42,186\n\n52,988\n\n95,174\n\n95,174\n\nOther payables\n\n-\n\n-\n\n‐\n\n171,520\n\n171,520\n\n171,520\n\nTotal\n\n6,200,103\n\n13,244,336\n\n19,444,439\n\n19,184,180\n\nF-76\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe fair value of financial instruments measured at Level 2 is described below:\n\nSecurities and funds in local currency: Estimated at the fund unit value as of the date of the financial statements, which corresponds to their fair value.\n\nDerivative instruments: Estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on the closing date.\n\nEnergy trading futures contracts: The fair value considers: (i) the prices established in recent purchases and sales; and (ii) the market price projected in the availability period. Whenever the fair value at initial recognition differs from the transaction price for these contracts, a gain or loss is recognized.\n\nFinancing and debentures: Estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 on the closing date. The fair value calculation of notes in the foreign market used the quoted price in the market.\n\nFinancial risk management\n\nThe Company and its subsidiaries are exposed to strategic/operational risks and economic/financial risks. Operational/strategic risks (including demand behavior, competition, technological innovation, and material changes in the industry) are addressed by the Company’s management model.\n\nEconomic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as commodities prices, exchange and interest rates, as well as the characteristics of the financial instruments used and their counterparties. These risks are managed through specific strategies and control policies.\n\nThe Company has a financial risk policy approved by its Board of Directors (“Policy”). In accordance with the Policy, the main objectives of financial management are to preserve the value and liquidity of financial assets and ensure financial resources for the development of the business, including expansions. The main financial risks considered in the Policy are market risks (currencies, interest rates and commodities), liquidity and credit.\n\nThe Financial Risk Committee is responsible for monitoring the compliance with the Policy and deciding on any cases of non-compliance. The Audit and Risk Committee (“CAR”) advises the Board of Directors in the efficiency of controls and in the review of the Risk Management Policy. The Risk, Integrity and Audit Director monitors the compliance with the Policy and reports to CAR and the Board of Directors the exposure to the risks and any cases of non-compliance with the Policy.\n\nF-77\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe Company and its subsidiaries are exposed to the following risks, which are mitigated and managed using specific financial instruments:\n\nRisks\n\nExposure origin\n\nManagement\n\nMarket risk - exchange rate\n\nPossibility of losses resulting from exposures to exchange rates other than the functional presentation currency, which may be of a financial or operational origin.\n\nSeek exchange rate neutrality, using hedging instruments if applicable.\n\nMarket risk - interest rate\n\nPossibility of losses resulting from the contracting of fixed-rate financial assets or liabilities.\n\nMaintain most of the net financial exposure indexed to floating rates, linked to the basic interest rate.\n\nMarket risk - commodity prices\n\nPossibility of losses resulting from changes in the prices of the main raw materials or products sold by the Company and their effects on profit or loss, statement of financial position and cash flow.\n\nHedging instruments, if applicable.\n\nCredit risk\n\nPossibility of losses associated with the counterparty's failure to comply with financial obligations due to insolvency issues or deterioration in risk classification.\n\nDiversification and monitoring of counterparty’s solvency and liquidity indicators.\n\nLiquidity risk\n\nPossibility of inability to honor obligations, including guarantees, and incurring losses.\n\nFor cash management: financial investments liquidity. For debt management: seek the combination of better terms and costs, by monitoring the ratio of average debt term to financial leverage.\n\na. Market risk - exchange and interest rates\n\nCurrency risk management is guided by neutrality of currency exposures and considers the risks associated to changes in exchange rates. The Company considers as its main exposure the assets and liabilities in foreign currency.\n\nThe Company and its subsidiaries use foreign exchange hedging instruments to protect their assets, liabilities, receipts, disbursements and investments in foreign currencies. These instruments aim to reduce the effects of foreign exchange variations, within the exposure limits of its Policy.\n\nAs to the interest rate risk, the Company and its subsidiaries raise and invest funds mainly linked to the DI. The Company seeks to maintain most of its financial assets and liabilities with floating interest rates, adopting instruments that hedge against the risk of changes in interest rates.\n\nF-78\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe assets and liabilities exposed to foreign currency, translated to Reais, and/or exposed to floating interest rates are shown below:\n\nExchange rate\n\nInterest rate\n\nNote\n\nCurrency\n\n12/31/2025\n\n12/31/2024\n\nCurrency\n\n12/31/2025\n\n12/31/2024\n\nAssets\n\nCash, cash equivalents, and financial investments\n\n4.a\n\nUSD\n\n4,041,383\n\n3,428,520\n\nDI\n\n3,149,064\n\n3,558,131\n\nTrade receivables, net of allowance for expected credit losses\n\n5.a\n\nUSD\n\n136,800\n\n27,393\n\n-\n\n‐\n\n‐\n\nOther assets in foreign currency\n\n-\n\nUSD\n\n35,366\n\n21,028\n\n-\n\n‐\n\n‐\n\n4,213,549\n\n3,476,941\n\n3,149,064\n\n3,558,131\n\nLiabilities\n\nLoans, financing and debentures (1)\n\n15.a\n\nUSD/ EUR/ JPY\n\n(9,953,946\n\n)\n\n(6,681,657\n\n)\n\nDI\n\n(5,210,374\n\n)\n\n(3,515,010\n\n)\n\nLoans – FINEP\n\n15.a\n\n‐\n\n‐\n\nTJLP\n\n(27,249\n\n)\n\n(679\n\n)\n\nForeign suppliers (2)\n\n16.a\n\nUSD\n\n(1,882,109\n\n)\n\n(842,319\n\n)\n\n-\n\n‐\n\n‐\n\nOther liabilities in foreign currency\n\n-\n\nUSD\n\n(3,049\n\n)\n\n(41,298\n\n)\n\n‐\n\n‐\n\n‐\n\n(11,839,104\n\n)\n\n(7,565,274\n\n)\n\n(5,237,623\n\n)\n\n(3,515,689\n\n)\n\nDerivative instruments\n\n26.f\n\nUSD / EUR / JPY\n\n7,827,902\n\n3,470,855\n\nDI\n\n(11,211,803\n\n)\n\n(6,380,131\n\n)\n\n202,347\n\n(617,478\n\n)\n\n(13,300,362\n\n)\n\n(6,337,689\n\n)\n\nNet liability position - equity\n\n318,867\n\n‐\n\n‐\n\n‐\n\nNet liability position - profit or loss\n\n(116,520\n\n)\n\n(617,478\n\n)\n\n(13,300,362\n\n)\n\n(6,337,689\n\n)\n\n(1)\nGross transaction costs of R$ 24,546 (R$ 7,807 as of December 31, 2024 and R$ 10,116 as of December 31, 2023), discount on notes in the foreign market of R$ 3,355 (R$ 5,246 as of December 31, 2024 and R$ 8,107 as of December 31, 2023), and amortization of fair value adjustment of R$ 78,431.\n\n(2)\n\nNet balance of imports in progress in the amount of R$ 172,030 as of December 31, 2025 and R$ 93,821 as of December 31,2024.\n\nF-79\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nSensitivity analysis with devaluation of the Real and interest rate increase\n\nExchange rate - Real devaluation (i)\n\nInterest rate increase (ii)\n\nEffect on profit or loss\n\n(4,236\n\n)\n\n143,643\n\nEffect on equity\n\n11,591\n\n‐\n\nTotal\n\n7,355\n\n143,643\n\n(i)\nThe average U.S. dollar rate of R$ 5.7024 was used for the sensitivity analysis, based on future market curves as of December 31, 2025 on the net position of the Company exposed to the currency risk, simulating the effects of devaluation of the Real on profit or loss. The closing rate considered was R$ 5.5024. The table above shows the effects of the exchange rate changes on the net asset position of R$ 202,347 (or US$ 36,774 using the closing rate) in foreign currency as of December 31, 2025.\n\n(ii)\n\nFor the probable scenario presented, the Company used as a base scenario the market curves affected by the Interbank Deposit (DI) rate and the Long-Term Interest Rate (TJLP). The sensitivity analysis shows the incremental expenses and income that would be recognized in financial result, if the market curves of floating interest at the base date were applied to the average balances of the current year. The annual base rate used was 14.90% and the sensitivity rate was 13.82% according to reference rates made available by B3.\n\nb. Market risk - commodity prices\n\nThe Company and its subsidiaries are exposed to commodity price risk, mainly in relation to diesel and gasoline, affected by macroeconomic and geopolitical factors.\n\nThe foreign exchange derivative instruments and commodities designated as fair value hedge are concentrated in subsidiary Ipiranga. The objective is to convert the cost of the imported product from fixed to variable until fuel blending, aligning it to the sales price. Ipiranga uses over-the-counter derivatives for this hedge operation, aligning them with the value of the inventories of imported product.\n\nTo mitigate this risk, the Company continuously monitors the market and uses hedge operations with derivative contracts, traded on the stock exchange and the over-the-counter market.\n\nDerivative\n\nFair value (R$ thousand)\n\nPossible scenario (∆ of 10% - R$ thousand)\n\n12/31/2025\n\n12/31/2024\n\n12/31/2025\n\n12/31/2024\n\nCommodity forward\n\n51,189\n\n(7,707\n\n)\n\n(1,811\n\n)\n\n(12,430\n\n)\n\n(1)\nThe table above shows the positions of derivative financial instruments to hedge commodity price risk as of December 31, 2025 and December 31, 2024, in addition to a sensitivity analysis considering a valuation of 10% of the closing price for each year. For further information, see Note 25.\n\nF-80\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nc. Credit risk\n\nCredit risk is related to the possibility of non-compliance with a commitment by a counterparty in a transaction. Credit risk is managed strategically and arises from cash equivalents, financial investments, derivative financial instruments and trade receivables, among others.\n\nc.1 Financial institutions and government\n\nThe credit risk of financial institutions and governments related to cash and cash equivalents, financial investments and derivative financial instruments as of December 31, 2025, by counterparty rating, is summarized below:\n\nFair value\n\nCounterparty credit rating\n\n12/31/2025\n\n12/31/2024\n\nAAA\n\n9,893,391\n\n7,557,385\n\nAA\n\n353,060\n\n305,686\n\nA\n\n7,855\n\n3,668\n\nOthers\n\n54,491\n\n162,338\n\nTotal\n\n10,308,797\n\n8,029,077\n\nc.2 Trade receivables\n\nCredit granting is managed in subsidiaries based on policies and criteria specific to each business segment. The process includes credit analysis, the establishment of limits and required guarantees, with approval at predefined approval levels.\n\nThe subsidiaries manage credit throughout the customer’s life cycle, with specific processes for monitoring credit risk and renegotiating or executing credit, as applicable.\n\nFor further information on the allowance for expected credit losses, see Note 5.b.\n\nd. Liquidity risk\n\nLiquidity risk is the possibility of the Company facing difficulties to comply with its financial obligations, which must be settled with payments or other financial assets.\n\nThe main sources of liquidity of the Company and its subsidiaries arise from:\n\n(i)\ncash and financial investments;\n\n(ii)\ncash flow generated by its operations; and\n\n(iii)\nloans.\n\nThe Company and its subsidiaries have sufficient working capital and sources of financing to meet their current needs. As of December 31, 2025, the Company and its subsidiaries had R$ 7,026,883 in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note 4).\n\nF-81\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below presents a summary of financial liabilities and leases payable as of December 31, 2025 by the Company and its subsidiaries, listed by maturity. The amounts presented are the contractual undiscounted cash flows, and may differ from the amounts disclosed in the statement of financial position:\n\nLess than 1 year\n\nBetween 1 and 3 years\n\nBetween 3 and 5 years\n\nMore than 5 years\n\nTotal\n\nLoans including future contractual interest (1) (2)\n\n5,563,733\n\n11,266,427\n\n5,350,190\n\n4,043,614\n\n26,223,964\n\nDerivative instruments (3)\n\n545,582\n\n447,029\n\n151,734\n\n241,441\n\n1,385,786\n\nTrade payables\n\n4,643,344\n\n‐\n\n‐\n\n‐\n\n4,643,344\n\nTrade payables - reverse factoring\n\n3,785\n\n‐\n\n‐\n\n‐\n\n3,785\n\nLeases payable\n\n483,696\n\n604,451\n\n393,278\n\n1,246,359\n\n2,727,784\n\nFinancial liabilities of customers\n\n63,882\n\n14,258\n\n‐\n\n‐\n\n78,140\n\nOther payables\n\n127,228\n\n3,142\n\n‐\n\n‐\n\n130,370\n\n11,431,250\n\n12,335,307\n\n5,895,202\n\n5,531,414\n\n35,193,173\n\n(1)\nThe interest on loans was estimated based on the US dollar, Euro at closing and on the future yield curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 ad BACEN as of December 31, 2025.\n\n(2)\nIncludes estimated interest on short-term and long-term loans until the contractually foreseen payment date.\n\n(3)\nThe derivative instruments were estimated based on the US dollar futures contracts and the future curves of the DI x fixed rate and DI x IPCA contracts, quoted on B3 as of December 31, 2025. In the table above, only the derivative instruments with negative results at the time of settlement were considered.\n\ne. Capital management\n\nThe Company manages and optimizes its capital structure based on indicators to ensure business continuity while maximizing return to its shareholders.\n\nCapital structure is comprised of net debt (loans, financing and debentures according to Note 15 and leases payable according to Note 12.b after deduction of cash, cash equivalents and financial investments according to Note 4), and the “financial” derivative financial instruments, assets and liabilities, according to Note 25 Classes and categories of financial instruments and their fair values, and equity.\n\nThe Company may change its capital structure according to economic and financial conditions. Moreover, the Company also seeks to improve its return on invested capital by implementing efficient working capital management and a selective investment program.\n\nAnnually, the Company and its subsidiaries revise their capital structure, evaluating the cost of capital and the risks associated with each class of capital including the leverage ratio analysis, which is determined as the ratio between net debt and equity.\n\nThe leverage ratio at the end of the year is as follows:\n\n12/31/2025\n\n12/31/2024\n\nGross debt and lease payable (a)\n\n21,832,894\n\n15,345,662\n\nCash, cash equivalents, and short-term investments (b)\n\n9,408,480\n\n7,197,699\n\nFinancial instruments (c)\n\n275,916\n\n405,941\n\nNet debt = (a) - (b) - (c)\n\n12,148,498\n\n7,742,022\n\nEquity\n\n17,730,617\n\n15,823,444\n\nNet debt-to-equity ratio\n\n68.52%\n\n48.93%\n\nf. Selection and use of derivative financial instruments\n\nIn selecting derivative instruments, the Company considers the estimated rates of return, risks, liquidity, calculation methodology for the carrying and fair values, and the applicable documentation.\n\nDerivative financial instruments are used to hedge identified risks, at amounts that do not exceed 100% of the identified risk. Derivatives are referred to as \"derivative instruments\" to reflect their restricted function of hedging identified risks.\n\nF-82\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below summarizes the gross balance of the position of derivative instruments contracted as well as of the gains (losses) that affect the equity and the statement of income of the Company and its subsidiaries:\n\nDerivatives designated as hedge accounting\n\nProduct\n\nContracted rates\n\nMaturity\n\nNotional amount (2)\n\nFair value as of 12/31/2025\n\nGains (losses) as of 12/31/2025\n\nAssets\n\nLiabilities\n\n12/31/2025\n\nAssets\n\nLiabilities\n\nProfit or loss\n\nFair value adjustment of debt\n\nForeign exchange swap (1)\n\nUSD + 4.9%\n\n103.5% DI\n\nFeb/29\n\nUSD 459,863\n\n759\n\n(113,093\n\n)\n\n(249,486\n\n)\n\n44,536\n\nForeign exchange swap (1)\n\nEUR + 3.0%\n\n104.4% DI\n\nFeb/37\n\nEUR 77,535\n\n15,833\n\n(27,803\n\n)\n\n(59,455\n\n)\n\n2,035\n\nForeign exchange swap (1)\n\nJPY + 1.5%\n\n109.4% DI\n\nMar/25\n\nJPY 12,564,393\n\n‐\n\n‐\n\n(30,066\n\n)\n\n(323\n\n)\n\nForeign exchange swap (1)\n\nSOFR + 0.9%\n\n103.5% DI\n\nFeb/29\n\nUSD 302,627\n\n2,953\n\n(54,511\n\n)\n\n(83,256\n\n)\n\n934\n\nInterest rate swap (1)\n\nIPCA + 5.3%\n\n103.8% DI\n\nOct/35\n\nBRL 2,655,355\n\n367,790\n\n‐\n\n99,994\n\n(141,399\n\n)\n\nInterest rate swap (1)\n\nIPCA + 3.0%\n\n69.9% DI\n\nNov/41\n\nBRL 358,871\n\n3,765\n\n(15,143\n\n)\n\n(11,729\n\n)\n\n44,373\n\nInterest rate swap (1)\n\n12.8%\n\n104.7% DI\n\nApr/40\n\nBRL 1,048,881\n\n1,572\n\n(20,605\n\n)\n\n18,159\n\n(55,310\n\n)\n\nCommodity forward (1)\n\nBRL\n\nHeating Oil/ RBOB\n\nMar/26\n\nUSD 548,628\n\n63,293\n\n(52,819\n\n)\n\n13,709\n\n‐\n\nNDF (1)\n\nBRL\n\nUSD\n\nMar/26\n\nUSD 206,491\n\n6,986\n\n(14,690\n\n)\n\n13,999\n\n‐\n\nTotal - designated\n\n462,951\n\n(298,664\n\n)\n\n(288,131\n\n)\n\n(105,154\n\n)\n\nDerivatives not designated as hedge accounting\n\nForeign exchange swap\n\nUSD\n\n52.5% CDI\n\nJun/29\n\nUSD 300,000\n\n378,422\n\n‐\n\n(198,583\n\n)\n\n‐\n\nForeign exchange swap\n\nUSD + 5.0%\n\nCDI + 1.6%\n\nFeb/31\n\nUSD 50,000\n\n‐\n\n(11,798\n\n)\n\n(28,124\n\n)\n\n‐\n\nInterest rate swap\n\nIPCA + 6.0%\n\n92.4% DI\n\nOct/28\n\nUSD 380,000\n\n2,728\n\n-\n\n(13,575\n\n)\n\n‐\n\nNDF\n\nUSD\n\nBRL\n\nMar/26\n\nUSD 244,037\n\n3,242\n\n(31,480\n\n)\n\n(115,774\n\n)\n\n‐\n\nCommodity forward\n\nBRL\n\nHeating Oil/ RBOB\n\nNov/26\n\nUSD 98,504\n\n52,974\n\n(12,259\n\n)\n\n5,090\n\n‐\n\nInterest rate swap\n\nUSD + 5.3%\n\nCDI - 1.4%\n\nJun/29\n\nUSD 300,000\n\n‐\n\n(226,714\n\n)\n\n(26,070\n\n)\n\n‐\n\nTotal - not designated\n\n437,366\n\n(282,251\n\n)\n\n(377,036\n\n)\n\n‐\n\nTotal\n\n900,317\n\n(580,915\n\n)\n\n(665,167\n\n)\n\n(105,154\n\n)\n\nCurrent\n\n127,254\n\n(246,064\n\n)\n\nNon-current\n\n773,063\n\n(334,851\n\n)\n\n(1)\nDerivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).\n\n(2)\nCurrency as indicated.\n\nF-83\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nDerivatives designated as hedge accounting\n\nProduct\n\nContracted rates\n\nMaturity\n\nNotional amount (2)\n\nFair value as of 12/31/2024\n\nGains (losses) as of 12/31/2024\n\nAssets\n\nLiabilities\n\n12/31/2024\n\nAssets\n\nLiabilities\n\nProfit or loss\n\nFair value adjustment of debt\n\nForeign exchange swap (1)\n\nUSD + 3.28%\n\n105.7% DI\n\nSept/25\n\nUSD 206,067\n\n76,649\n\n(3,808\n\n)\n\n171,493\n\n5,647\n\nForeign exchange swap (1)\n\nEUR + 5.16%\n\n109.2% DI\n\nMar/25\n\nEUR 115,518\n\n76,123\n\n‐\n\n84,875\n\n(1,742\n\n)\n\nForeign exchange swap (1)\n\nJPY + 1.50%\n\n109.4% DI\n\nMar/25\n\nJPY 12,564,393\n\n‐\n\n(45,826\n\n)\n\n47,567\n\n5,294\n\nForeign exchange swap (1)\n\nSOFR + 1.29%\n\n112.5% DI\n\nSept/25\n\nUSD 4,535\n\n2,114\n\n‐\n\n2,566\n\n(30\n\n)\n\nInterest rate swap (1)\n\nIPCA + 5.13%\n\n104.5% DI\n\nJun/32\n\nBRL 2,660,000\n\n189,156\n\n‐\n\n(345,529\n\n)\n\n355,746\n\nInterest rate swap (1)\n\nIPCA + 2.83%\n\n69.5% DI\n\nNov/41\n\nBRL 151,465\n\n‐\n\n(3,321\n\n)\n\n(3,321\n\n)\n\n37,511\n\nInterest rate swap (1)\n\nUSD + 11.17%\n\n104.3% DI\n\nJul/27\n\nBRL 525,791\n\n‐\n\n(53,638\n\n)\n\n(67,786\n\n)\n\n62,628\n\nCommodity forward (1)\n\nUSD\n\nHeating Oil/ RBOB\n\nJan/25\n\nUSD 5,753\n\n3,104\n\n(11,869\n\n)\n\n(25,309\n\n)\n\n‐\n\nNDF (1)\n\nUSD\n\nUSD\n\nFeb/25\n\nUSD 6,853\n\n729\n\n(6,022\n\n)\n\n(34,336\n\n)\n\n‐\n\nTotal - designated\n\n347,875\n\n(124,484\n\n)\n\n(169,780\n\n)\n\n465,054\n\nDerivatives not designated as hedge accounting\n\nForeign exchange swap\n\nUSD\n\n52.5% CDI\n\nJun/29\n\nUSD 300,000\n\n465,031\n\n‐\n\n268,734\n\n‐\n\nNDF\n\nUSD\n\nBRL\n\nMar/25\n\nUSD 15,425\n\n13,546\n\n(6,501\n\n)\n\n42,241\n\n‐\n\nCommodity forward\n\nBRL\n\nHeating Oil/ RBOB\n\nMar/25\n\nUSD 2,422\n\n4,926\n\n(3,867\n\n)\n\n53,069\n\n‐\n\nInterest rate swap\n\nUSD + 5.25%\n\nCDI -1.4%\n\nJun/29\n\nUSD 300,000\n\n‐\n\n(306,748\n\n)\n\n(166,103\n\n)\n\n‐\n\nTotal - not designated\n\n483,503\n\n(317,116\n\n)\n\n197,941\n\n‐\n\nTotal\n\n831,378\n\n(441,600\n\n)\n\n28,161\n\n465,054\n\nCurrent\n\n246,084\n\n(74,087\n\n)\n\nNon-current\n\n585,294\n\n(367,513\n\n)\n\n(1)\nDerivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).\n\n(2)\nCurrency as indicated.\n\nF-84\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nDerivatives designated as hedge accounting\n\nProduct\n\nContracted rates\n\nMaturity\n\nNotional amount (3)\n\nFair value as of 12/31/2023\n\nGains (losses) as of 12/31/2023\n\nAssets\n\nLiabilities\n\n12/31/2023\n\nAssets\n\nLiabilities\n\nProfit or loss\n\nFair value adjustment of debt - R$\n\nForeign exchange swap (2)\n\nUSD + 0.00%\n\n53.60% of DI\n\nOct/26\n\nUSD 234,000\n\n‐\n\n(106,657\n\n)\n\n(145,949\n\n)\n\n-\n\nForeign exchange swap (1)\n\nUSD + 5.47%\n\n110.02% of DI\n\nSept/25\n\nUSD 206,067\n\n‐\n\n(119,094\n\n)\n\n(223,555\n\n)\n\n(3,768\n\n)\n\nForeign exchange swap (1)\n\nEUR + 5.12%\n\n111.93% of DI\n\nJan/24\n\nEUR 22,480\n\n‐\n\n(22,529\n\n)\n\n(23,304\n\n)\n\n230\n\nForeign exchange swap (1)\n\nJPY + 1.50%\n\n109.40% of DI\n\nMar/25\n\nJPY 12,564,393\n\n‐\n\n(120,746\n\n)\n\n(130,726\n\n)\n\n(4,775\n\n)\n\nInterest rate swap (1)\n\nIPCA + 5.03%\n\n102.87% of DI\n\nJun/32\n\nBRL 3,226,054\n\n598,311\n\n‐\n\n260,301\n\n(313,641)\n\nInterest rate swap (1)\n\n10.48%\n\n103.64% of DI\n\nJun/27\n\nBRL 615,791\n\n12,515\n\n(3,182\n\n)\n\n10,694\n\n(10,163\n\n)\n\nCommodity forward (1)\n\nBRL\n\nHeating Oil/ RBOB\n\nJan/24\n\nUSD 129,894\n\n22,343\n\n(854\n\n)\n\n(50,977\n\n)\n\n‐\n\nNDF (1)\n\nBRL\n\nUSD\n\nFeb/24\n\nUSD 211,179\n\n3,959\n\n(833\n\n)\n\n19,012\n\n‐\n\nTotal - designated\n\n637,128\n\n(373,895\n\n)\n\n(284,504\n\n)\n\n(332,117\n\n)\n\nDerivatives not designated as hedge accounting\n\nForeign exchange swap\n\n0.00%\n\n52.99% of CDI\n\nJun/29\n\nUSD 375,000\n\n186,925\n\n(45,877\n\n)\n\n(188,395\n\n)\n\n‐\n\nNDF\n\nUSD\n\nBRL\n\nMar/24\n\nUSD 457,099\n\n1,468\n\n(8,409\n\n)\n\n(105,597\n\n)\n\n‐\n\nCommodity forward\n\nBRL\n\nHeating Oil/ Marine Fuel/ Others\n\nMar/24\n\nUSD 18,127\n\n1,524\n\n(2,310\n\n)\n\n5,489\n\n‐\n\nInterest rate swap\n\n5.25%\n\n1.36% of CDI\n\nJun/29\n\nUSD 300,000\n\n‐\n\n(196,243\n\n)\n\n9,257\n\n‐\n\nTotal - not designated\n\n189,917\n\n(252,839\n\n)\n\n(279,246\n\n)\n\n‐\n\nTotal\n\n827,045\n\n(626,734\n\n)\n\n(563,750\n\n)\n\n(332,117\n\n)\n\n(1)\nDerivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).\n\n(2)\nDerivative financial instruments designated for cash flow hedge accounting (see Note 25.g.2).\n\n(3)\nCurrency as indicated.\n\nF-85\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\ng. Hedge accounting\n\nThe Company and its subsidiaries use derivative and non-derivative financial instruments for hedging purposes and test, throughout the duration of the hedge, their effectiveness, as well as the changes in their fair value.\n\nThe hedged items and the hedging instruments have a high correspondence, since the contracted instruments have characteristics equivalent to the transactions considered as the hedged item. The Company and its subsidiaries designated a hedge ratio for transactions designated as hedge accounting, since the underlying risks of the hedging instruments correspond to the risks of the hedged items.\n\nThe Company and its subsidiaries discontinue the hedge accounting when the hedging instrument is settled, the hedged item ceases to exist or the hedge no longer meets the requirements for hedge accounting due to the absence of an economic relationship between the hedged item and the hedging instrument.\n\ng.1 Fair value hedge\n\nThe Company and its subsidiaries use derivative financial instruments such as fair value hedge to mitigate the risk of variations in interest and exchange rates, which affect the amount of contracted debts. As of December 31, 2025, no material ineffectiveness was identified in fair value hedge operations.\n\ng.2 Cash flow hedge\n\nAs of December 31, 2025, the Company and its subsidiaries do not have cash flow hedges.\n\nh. Financial instruments (energy trading futures contracts)\n\nThe Company’s subsidiaries operate in the Free Contracting Environment (ACL) and have entered into bilateral energy purchase and sale contracts with different market players. Accordingly, they assume short and long-term commitments. As a result of mismatched operations, they assume energy surplus or deficit positions, which are measured at a future market price curve (forward curve). Therefore, the Company designates these contracts as financial instruments, according to IFRS 9, at the beginning of the contract, to include the recording of the correct exposure to the risk of future purchase and sale transactions of bilateral contracts.\n\nSensitivity analysis – level 2 hierarchy\n\n12/31/2025\n\n12/31/2024\n\nValuation technique\n\nFair value of energy contracts\n\nSensitivity of inputs to fair value (a)\n\nFair value of energy contracts\n\nSensitivity of inputs to fair value (a)\n\nFinancial assets\n\nDiscounted cash flow method\n\n1,095,362\n\n10%\n1,347,911\n\n404,695\n\n10%\n382,794\n\n-10%\n\n803,892\n\n-10%\n\n404,581\n\nFinancial liabilities\n\n734,873\n\n10%\n\n1,007,336\n\n114,776\n\n10%\n\n115,361\n\n-10%\n\n455,927\n\n-10%\n\n125,715\n\n(a)\nThis 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.\n\nF-86\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[26. Commitments](#TOC)\n\na. Contracts\n\nSubsidiary Ultracargo Logística has agreements related to its port facilities in Aratu, Suape, Itaqui and Vila do Conde. Such contracts establish a minimum cargo movement, as shown below:\n\nPort\n\nMinimum movement per year\n\nMaturity\n\nAratu\n\n900,000 ton.\n\n2042\n\nSuape\n\n250,000 ton.\n\n2027\n\nSuape\n\n400,000 ton.\n\n2029\n\nAratu\n\n465,403 ton.\n\n2031\n\nItaqui\n\n1,222,377 m3\n\n2049\n\nItaqui\n\n371,000 ton.\n\n2041\n\nVila do Conde\n\n343,625 ton.\n\n2045\n\nIf the annual movement is less than the minimum contractual movement, the subsidiary is liable to pay the difference between the effective movement and the minimum contractual movement, based on the port tariff rates in effect on the date established for payment. As of December 31, 2025, these rates were R$ 10.54, R$ 3.77 and R$ 4.23 per ton for Aratu, Suape, Itaqui and R$ 1.77 per m³ for Itaqui. According to contractual conditions and tolerances, as of December 31, 2025, there were no material pending issues regarding the minimum limits of the contract.\n\nSubsidiary Hidrovias has long-term contracts with some of its customers, with minimum volume and tariff requirements pre-agreed and adjusted according to the contract. The performance of a new long-term contract with customers tends to have a significant positive effect on its net revenues, while losing an existing material contract would have the opposite effect.\n\nHidrovias and its subsidiaries have some long-term contracts in the corridors with the following maturity dates:\n\nSegment\n\nExpiration\n\nSouth Corridor:\n\nContract I – Expiration in 2039;\n\nContract IV - Expiration in 2027;\n\nContract V – Expiration in 2027;\n\nNorth Corridor:\n\nContract I – Expiration in 2031;\n\nContract II – Expiration in 2029;\n\nContract III – Expiration in 2027;\n\nContract IV – Expiration in 2027;\n\nSantos\n\nContract I – Expiration in 2032;\n\nContract II – Expiration in 2029;\n\nContract III – Expiration in 2027.\n\nF-87\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[27. Acquisition of Interest and Control](#TOC)\n\na. Acquisition of service stations from Pão de Açúcar Group by subsidiary Millennium\n\nOn June 10, 2024, through its subsidiary Centro de Conveniências Millenium Ltda., the Company signed a contract for the acquisition of 49 service stations from Pão de Açúcar Group, located in the state of São Paulo, for R$ 130,000 plus working capital adjustments. CADE approved the transaction on July 22, 2024. On August 13, 2024, R$ 90,000 was paid as an advance.\n\nDuring the year ended December 31, 2025, the acquisition of 18 out of 49 service stations was completed for a total amount of R$ 46,286, of which R$ 31,086 had previously been paid as an advance.\n\nb. Hidrovias do Brasil S.A.\n\nIn 2023, the Company began the process of acquiring an interest in Hidrovias do Brasil S.A. (“Hidrovias”), through the purchase of a 4.99% direct interest and a 4.99% indirect interest, through Total Return Swaps (“TRS”), recognized as financial asset and measured at fair value in accordance with IFRS 9. On March 18, 2024, the Company contributed its direct interest to its subsidiary Ultra Logística Ltda. and settled the TRS. From this date, all transactions have been carried out through subsidiary Ultra Logística Ltda.\n\nOn May 7, 2024, subsidiary Ultra Logística completed the purchase of 128,369,488 shares from Hidrovias, which represented 16.88% of its share capital, at a cost of R$ 3.98/share. Also in May 2024, when obtaining sufficient evidence demonstrating its power to exert significant influence on decisions regarding Hidrovias' financial and operational policies, subsidiary Ultra Logística began to recognize its interest in Hidrovias as an investment in an associate with significant influence, in accordance with IAS 28.\n\nSubsequently, throughout the first quarter of 2025, subsidiary Ultra Logística acquired additional shares of Hidrovias through trading on the Stock Exchange (“B3”) in the amount of R$ 7,373. With these acquisitions, Ultra Logística's interest in Hidrovias reached 42.26% of the share capital.\n\nIn the second quarter of 2025, Ultra Logística acquired a total of 99,790,131 shares of Hidrovias for R$159,171. Of this amount, 17,103,100 refer to common shares (HBSA3), in the amount of R$ 43,206, and 82,687,031 correspond to subscription rights (HBSA1 and HBSA9), in the amount of R$ 115,965, all linked to the capital increase in Hidrovias.\n\nThe acquisition of control occurred in May 2025, with the approval of the capital increase in Hidrovias. On that occasion, the share capital of Hidrovias was increased by R$ 1,200,000 with the issuance of 600,000,000 shares, rising from R$ 1,359,469 (760,382,643 shares) to R$ 2,559,469 (1,360,382,643 shares). Therefore, with the conversion of subscription rights (HBSA1 and HBSA9) into common shares (HBSA3), Ultra Logística now holds 682,252,831 common shares, representing 50.15% of the total share capital of Hidrovias, thus consolidating the acquisition of corporate control.\n\nThe Company, based on applicable accounting standards and with the support of a company specialized in valuations, calculated the definitive amounts for the allocation of the Purchase Price Allocation (PPA), with the identification of assets acquired and liabilities assumed measured at fair value and the recognition of the final goodwill in the amount of R$ 341,084. Additionally, the Company does not expect the tax amortization of revaluation of assets and liabilities remeasured at fair value. Therefore, the deferred income tax liability is recognized on the capital gains and losses recorded.\n\nF-88\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below summarizes the balances of assets acquired and liabilities assumed at the acquisition date recognized at fair value:\n\nAssets\n\nCash and cash equivalents\n\n1,155,510\n\nBonds and other securities\n\n1,171\n\nTrade receivables\n\n119,082\n\nInventories\n\n168,889\n\nRecoverable taxes\n\n198,360\n\nPrepaid expenses\n\n65,607\n\nRelated parties\n\n5,825\n\nOther receivables\n\n137,093\n\nAssets of subsidiaries held for sale\n\n736,540\n\nEscrow deposits\n\n67,375\n\nDeferred tax assets\n\n74,730\n\nOther investments\n\n121,710\n\nProperty, plant and equipment, net\n\n4,419,200\n\nIntangible assets, net\n\n912,191\n\nRight-of-use asset, net\n\n331,202\n\nDerivative instruments\n\n6,270\n\nLiabilities\n\nLoans and financing\n\n3,331,412\n\nTrade payables\n\n104,490\n\nSalaries and related charges\n\n46,246\n\nTaxes payable, income and social contribution taxes payable\n\n126,869\n\nDeferred tax liabilities\n\n581,271\n\nLegal claims\n\n36,962\n\nAdvances from customers\n\n7,365\n\nLeases payable\n\n286,778\n\nOther payables\n\n119,491\n\nLiabilities of subsidiaries held for sale\n\n500,708\n\nDerivative instruments\n\n52,643\n\nF-89\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n \n\nGoodwill based on expected future profitability\n\n341,084\n\nNon-controlling interests(1)\n\n1,658,270\n\nAssets and liabilities consolidated in the opening balance\n\n2,009,334\n\nAssets acquired\n\n4,273,159\n\nLiabilities assumed\n\n(2,604,909\n\n)\n\nGoodwill based on expected future profitability\n\n341,084\n\nFinal investment in 50.15% interest\n\n2,009,334\n\nReversal of the non-cash effect of the acquisition\n\nGain on acquisition of control of associate\n\n(113,655\n\n)\n\nShare of profit (loss) of subsidiaries, joint ventures and associates before acquisition of control\n\n148,518\n\nAcquisition value - cash\n\n2,044,197\n\nCash and cash equivalents acquired\n\n(1,155,510\n\n)\n\nNet cash from transaction\n\n888,687\n\n(1)\nThe non-controlling interest is determined based on the net value of assets and liabilities on the acquisition date, considering the proportion of 49.85%.\n\nThe gain in the acquisition of control of an associate results from the change in its corporate classification, from associate to subsidiary, after a series of acquisitions in stages with the objective of acquiring control. Until then, the investment was accounted for under the equity method, in accordance with IAS 28. With the acquisition of control, assets, liabilities, revenues and expenses are fully consolidated, in accordance with IFRS 10. In line with the provisions of IFRS 3, the previously held interest was measured at fair value on the acquisition date, and the effects of this revaluation were recognized in the investment goodwill, as required by the accounting standard. In view of the various stages of acquisitions of Hidrovias, two revaluation effects were recognized on the investment goodwill, as shown in the table below:\n\nF-90\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nRevaluation of investment\n\nRevaluation of investment (from financial asset to associate) - IFRS 9 / IAS 28 (1)\n\n66,267\n\nRevaluation of investment (from associate to subsidiary) - IAS 28 / IFRS 3 (2)\n\n47,388\n\nGain on acquisition of control of associate\n\n113,655\n\nWrite-off of accumulated effects in equity before control - IAS 28 / IFRS 3 (2)\n\n43,717\n\nTotal\n\n157,372\n\n(1)\nTransition from financial asset to investment in associate, recognized in May 2024 in financial results.\n\n(2)\nTransition from investment in associate to investment in subsidiary, recognized in May 2025 under the equity method. Additionally, as provided for in the applicable accounting standard, the accumulated balances in other comprehensive income, recorded since the significant influence was obtained, were fully reversed to profit or loss for the year. The total impact of the transition was R$ 91,105.\n\nAfter acquiring control of Hidrovias, the Company, through its subsidiary, acquired additional interests. Such acquisitions do not fall within the scope of business combinations for the purposes of price and goodwill allocation. Therefore, the difference between the price paid and the equity value of the shares acquired was recorded in equity, under acquisition of shares from shareholders. Through these additional acquisitions, the interest in Hidrovias on December 31, 2025 was 58.72%.\n\nFrom the date of acquisition until December 31, 2025, Hidrovias contributed to the Company with net revenue of R$ 1,670,615 and net loss of R$ 112,812. If the acquisition had taken place on January 1, 2025, the Company would have consolidated net revenue of R$ 143,156,825 and net income of R$ 2,488,436.\n\nc. Ultragaz Comercializadora de Energia (formerly WTZ Participações S.A.)\n\nOn September 1, 2024, through its subsidiary Cia Ultragaz, the Company acquired 51.7% of the voting capital of Ultragaz Comercializadora (formerly WTZ Participações S.A.), qualifying the transaction as a business combination as defined in IFRS 3 – Business Combinations. This acquisition is in line with Ultragaz's strategy to expand its offering of energy solutions to its customers, leveraging on its capillarity, commercial strength, brand and extensive base of corporate and residential customers.\n\nUltragaz Comercializadora was founded in 2015 and its main activities are the sale of electric energy in the free market and energy management, with a national presence.\n\nThe initial payment, including the capital contribution in the amount of R$ 49,490, totaled R$ 104,490. During the period, amounts relating to contingent consideration were paid, totaling R$ 45,115. The remaining transaction amount of R$ 269 was recorded under “Other payables”. The Company, based on applicable accounting standards and supported by an independent appraisal firm, calculated the definitive amounts for the purchase price allocation as of September 30, 2025, and determined the final goodwill in the amount of R$ 42,260.\n\nF-91\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe following table summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, recognized at fair value:\n\nAssets\n\nCash and cash equivalents\n\n5,399\n\nTrade receivables\n\n33,168\n\nRecoverable taxes\n\n3,036\n\nPrepaid expenses\n\n170\n\nOther receivables\n\n306\n\nOther investments\n\n5\n\nProperty, plant and equipment, net\n\n1,684\n\nIntangible assets, net\n\n19,504\n\nDerivative instruments\n\n209,348\n\nLiabilities\n\nLoans and financing\n\n68\n\nTrade payables\n\n27,541\n\nSalaries and related charges\n\n2,211\n\nTaxes payable, income and social contribution taxes payable\n\n80,918\n\nOther payables\n\n3,221\n\nGoodwill based on expected future profitability\n\n42,260\n\nNon-controlling interests\n\n76,633\n\nAssets and liabilities consolidated in the opening balance\n\n124,288\n\nAssets acquired\n\n140,945\n\nLiabilities assumed\n\n58,917\n\nGoodwill based on expected future profitability\n\n42,260\n\nAcquisition value\n\n124,288\n\nComprised by:\n\nCash\n\n55,000\n\nAcquisition of ownership interest via capital contribution (as non-controlling interests)\n\n23,904\n\nContingent consideration settled\n\n45,115\n\nContingent consideration to be settled\n\n269\n\nTotal consideration\n\n124,288\n\nNet cash outflow resulting from acquisition\n\nInitial consideration in cash\n\n55,000\n\nContingent consideration settled\n\n45,115\n\nContingent consideration to be settled\n\n269\n\nCash and cash equivalents acquired\n\n(5,399\n\n)\n\nAcquisition value\n\n94,985\n\nF-92\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nd. Petrovila Combustíveis S.A\n\nOn December 1, 2025, Neodiesel Ltda., indirect subsidiary of Ultrapar Participações S.A., completed the acquisition of 60% of the capital of Petrovila Combustíveis S.A. (“Petrovila”), qualifying the transaction as a business combination as defined in IFRS 3 – Business Combinations.\n\nPetrovila is headquartered in Betim/MG and has a consolidated presence in the state of Minas Gerais, operating in the Transporter-Reseller-Retailer (TRR) segment, carrying out the commercialization and transportation of bulk fuels to end consumers.\n\nThe initial payment by capital contribution was R$ 50,000. The remaining amount of R$ 22,199 was recorded under “Other payables” and will be paid after the contractual clauses have been fulfilled.\n\nThe Company, based on applicable accounting standards and supported by an independent appraisal firm, is determining the statement of financial position as at the acquisition date, the fair value of assets and liabilities and, consequently, goodwill. The provisional goodwill determined is R$ 34,934. The purchase price allocation (“PPA”) will be completed in 2026.\n\nThe table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, subject to adjustment for purchase price allocation and goodwill determination:\n\nAssets\n\nCash and cash equivalents\n\n23,865\n\nTrade receivables\n\n30,310\n\nInventories\n\n1,546\n\nRecoverable taxes\n\n33,353\n\nPrepaid expenses\n\n116\n\nOther receivables\n\n246\n\nRight-of-use assets\n\n729\n\nProperty, plant and equipment, net\n\n25,982\n\nLiabilities\n\nLoans and financing\n\n11,482\n\nTrade payables\n\n39,032\n\nSalaries and related charges\n\n1,445\n\nTaxes payable, income and social contribution taxes payable\n\n68\n\nLeases payable\n\n811\n\nOther payables\n\n1,201\n\nGoodwill based on expected future profitability\n\n34,934\n\nNon-controlling interests\n\n24,843\n\nAssets and liabilities consolidated in the opening balance\n\n72,199\n\nF-93\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nAssets acquired\n\n69,688\n\nLiabilities assumed\n\n32,423\n\nGoodwill based on expected future profitability\n\n34,934\n\nAcquisition value\n\n72,199\n\nComprised by\n\nAcquisition of ownership interest via capital contribution (as non-controlling interests)\n\n50,000\n\nContingent consideration to be settled\n\n22,199\n\nTotal consideration\n\n72,199\n\nNet cash outflow resulting from acquisition\n\nInitial consideration in cash\n\n(50,000\n\n)\n\nCash and cash equivalents acquired\n\n23,865\n\nAcquisition value\n\n(26,135\n\n)\n\ne. Neoagro Diesel S.A\n\nOn November 17, 2025, Neodiesel Ltda., indirect subsidiary of Ultrapar Participações S.A., completed the acquisition of 60% of the capital of Neoagro Diesel S.A. (“Neoagro”), qualifying the transaction as a business combination as defined in IFRS 3 – Business Combinations.\n\nNeoagro is headquartered in Uruçuí, in the state of Piauí, and operates predominantly in that state in the Transporter-Reseller-Retailer (TRR) segment, carrying out the commercialization and transportation of bulk fuels to end consumers.\n\nThe initial payment totaled R$ 39,915, including a contribution of R$ 11,023. The remaining amount of R$ 30,566 was recorded under “Other payables” and will be paid after the contractual clauses have been fulfilled.\n\nThe Company, based on applicable accounting standards and supported by an independent appraisal firm, is determining the statement of financial position as at the acquisition date, the fair value of assets and liabilities and, consequently, goodwill. The provisional goodwill determined is R$ 62,833. The purchase price allocation (PPA) will be completed in 2026.\n\nF-94\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe following table summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, subject to adjustment for purchase price allocation and goodwill determination:\n\nAssets\n\nCash and cash equivalents\n\n3,000\n\nProperty, plant and equipment, net\n\n9,747\n\nLiabilities\n\n-\n\nGoodwill based on expected future profitability\n\n62,833\n\nNon-controlling interests\n\n5,099\n\nAssets and liabilities consolidated in the opening balance\n\n70,481\n\nAssets acquired\n\n7,648\n\nLiabilities assumed\n\n-\n\nGoodwill based on expected future profitability\n\n62,833\n\nAcquisition value\n\n70,481\n\nComprised by\n\nCash\n\n28,892\n\nAcquisition of ownership interest via capital contribution (as non-controlling interests)\n\n11,023\n\nContingent consideration to be settled\n\n30,566\n\nTotal consideration\n\n70,481\n\nNet cash outflow resulting from acquisition\n\nInitial consideration in cash\n\n(39,915\n\n)\n\nCash and cash equivalents acquired\n\n3,000\n\nAcquisition value\n\n(36,915\n\n)\n\nF-95\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nf. Serra Diesel Transportador Revendedor Retalhista Ltda.\n\nOn September 1, 2023, through subsidiary Ultrapar Mobilidade Ltda., the Company acquired 60% of the voting share capital of Serra Diesel Transportador Revendedor Retalhista Ltda. (“Serra Diesel”), qualifying the transaction as a business combination as defined in IFRS 3 – Business Combinations. The acquisition complements Ultrapar's operations in the mobility and liquid fuel distribution segment.\n\nSerra Diesel was established in 2006 and its main activity is the fuel trade carried out by a wholesale carrier-reseller-retailer, with presence in the southern region of Brazil.\n\nThe initial payment, including the capital contribution in the amount of R$ 16,193, totaled R$ 21,193. The remaining amount of R$ 4,816 was recorded under “Other payables” and paid after the contractual clauses have been fulfilled. The Company, based on applicable accounting standards and supported by an independent appraisal firm, calculated the definitive amounts for the purchase price allocation as of August 31, 2024, and determined the final goodwill in the amount of R$ 1,413.\n\nF-96\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nThe table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date recognized at fair value:\n\nAssets\n\nCash and cash equivalents\n\n1,719\n\nTrade receivables\n\n28,475\n\nInventories\n9,128\n\nRecoverable taxes\n2,551\n\nOther receivables\n55\n\nOther investments\n298\n\nRight-of-use assets, net\n25,500\n\nProperty, plant and equipment, net\n41,938\n\nIntangible assets, net\n11,634\n\nLiabilities\n\nLoans and financing\n\n17,337\n\nTrade payables\n\n26,965\n\nSalaries and related charges\n\n1,933\n\nTaxes payable, income and social contribution taxes payable\n\n376\n\nLeases payable\n\n25,500\n\nOther payables\n\n8,194\n\nGoodwill based on expected future profitability\n\n1,413\n\nNon-controlling interests\n\n16,397\n\nAssets and liabilities consolidated in the opening balance\n\n26,009\n\nAssets acquired\n\n72,779\n\nLiabilities assumed\n\n48,183\n\nGoodwill based on expected future profitability\n\n1,413\n\nAcquisition value\n\nComprised by\n\nCash\n5,000\n\nAcquisition of ownership interest via capital contribution (as non-controlling interests)\n16,193\n\nContingent consideration settled\n4,816\n\nTotal consideration\n26,009\n\nInitial consideration in cash\n(5,000\n)\n\nContingent consideration settled\n(4,816\n)\n\nCash and cash equivalents acquired\n1,720\n\n**Total**\n(8,096\n)\n\nF-97\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\ng. Opla - Terminal de Combustíveis Paulínia S.A.\n\nOn July 1, 2023, through its subsidiary Ultracargo Logística S.A., the Company acquired a 50% interest in Terminal de Combustíveis Paulínia S.A. (“Opla”), qualifying the transaction as an acquisition of a joint venture as defined in IAS 28 (Investments in Associates and Joint Ventures) and IFRS 11 (- Joint Arrangements). The acquisition of interest in Opla marked Ultracargo's entry into the inland liquid bulk storage and logistics segment, integrated with port terminals, in line with its growth plan. With the acquisition, Ultracargo and BP Biofuels Brazil Investments Ltd. (“BP”) become joint ventures of Opla.\n\nThe total amount of the operation is R$ 237,500 subject to working capital and net debt adjustments. The purchase price includes the transaction amount, including estimated working capital and net debt adjustments. The transaction was paid in a single installment of R$ 210,096 on July 1, 2023. The Company, based on applicable accounting standards and supported by an independent appraisal firm, calculated the definitive amounts for the purchase price allocation as of June 30, 2024, and determined the final goodwill in the amount of R$ 117,306.\n\nThe following table summarizes the balances of assets acquired and liabilities at fair value at the acquisition date, including goodwill determination:\n\nAssets\n\nCash and cash equivalents\n\n3,248\n\nTrade receivables\n\n6,107\n\nRecoverable taxes\n\n402\n\nOther receivables and other assets\n\n1,057\n\nProperty, plant and equipment, net\n\n248,951\n\nIntangible assets, net\n10,441\n\nLiabilities\n\nLoans and financing\n\n44,568\n\nTrade payables\n\n911\n\nSalaries and related charges\n\n1,430\n\nTaxes payable, income and social contribution taxes payable\n\n13,974\n\nOther payables\n\n23,743\n\nFair value of investee’s assets and liabilities\n\n185,580\n\nFair value of assets and liabilities according to Ultracargo's interest\n\n92,790\n\nGoodwill based on expected future profitability\n117,306\n\nAcquisition value\n210,096\n\nThe goodwill determined on the operation is based on the expected future profitability and on the synergy with the operations of Ultracargo, supported by the appraisal report, after allocation of the identified assets. The goodwill is expected to be deductible for income tax purposes.\n\nIn the process of identifying assets and liabilities, intangible assets that were not recognized in the books of the acquired entity were also considered, as shown below:\n\nR$\n\nUseful Life\n\nAmortization method\n\nLicenses\n\n612\n5 years\n\nStraight line\n\nCustomer list and relationship\n\n4,609\n6 years\n\nStraight line\n\n**Total**\n\n5,221\n\nF-98\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n[28. Discontinued operation](#TOC)\n\na. Cabotagem purchase and sale agreement\n\nOn February 27, 2025, Hidrovias entered into an agreement for the sale of all shares in HB – Cabotagem (“Cabotagem”) to Companhia de Navegação Norsul (“Norsul”). The cabotage operation was acquired by Hidrovias in 2016 for the performance of a contract dedicated to the transportation of bauxite from the Porto Trombetas mine to the client's alumina refinery in Barcarena, expiring in 2034.\n\nThe total sale value (enterprise value) is R$ 715 million, of which R$ 195 million refers to the equity value and R$ 521 million to the debt balance, as of December 31, 2024. The payment was made in cash on the transaction closing date and was subject to usual price adjustments for this type of transaction, including working capital adjustments. The transaction was approved without restrictions by CADE on April 16, 2025.\n\nOn November 3, 2025, the Company announced the completion of the sale of all of the shares of Cabotage after the compliance with all conditions precedent. As of December 31, 2025, Hidrovias determined the result from the completion of the transaction, as shown in the table below:\n\nTotal amount of the Cabotagem purchase and sale agreement.\n\n715,378\n\nDebt balance in the reference statement of financial position\n\n(520,553\n\n)\n\nOperation sale price\n\n194,825\n\nPreliminary adjustments to working capital and net debt\n\n(1,954\n\n)\n\nCost on the investment write-off\n\n(317,635\n\n)\n\nRealization of valuation adjustment in subsidiaries\n\n(98,062\n\n)\n\nReversal of impairment (1)\n\n72,812\n\nGain on disposal of investments before the effect of cessation of depreciation\n\n(150,014\n\n)\n\nCessation of depreciation\n\n(15,150\n\n)\n\nGain on disposal of investments after the effect of depreciation\n\n(165,164\n\n)\n\nDeferred income and social contribution taxes\n\n(24,756\n\n)\n\nGain on disposal of investments, net\n\n(189,920\n\n)\n\n(1)\nHidrovias performed the impairment test on the assets and identified a difference between the transaction value and the carrying amount of the assets. Since the acquisition of control in May 2025, it recognized in the statement of income the amount net of income tax of R$ 48,056 related to the impairment, even in the absence of evidence of operational deterioration of the assets. The impairment of the assets was attributed entirely to the goodwill and the remainder was attributed to other Hidrovias assets.\n\nF-99\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\nb. The results for the year and cash flows from discontinued operations as of December 31, 2025 are shown below:\n\nFinal balance as of December 31, 2025 (1)\n\nNet revenue from sales and services\n\n108,401\n\nCost of services sold\n\n(69,582\n\n)\n\nGross profit\n\n38,819\n\nOperating income (expenses)\n\nGeneral and administrative\n\n(2,553\n\n)\n\nOther operating income (expenses)\n\n8,353\n\nGain (loss) on disposal of assets\n\n(237,976\n\n)\n\nOperating income (loss) before financial result and taxes\n\n(193,357\n\n)\n\nFinancial income\n\n5,610\n\nFinancial expenses\n\n(6,229\n\n)\n\nFinancial result, net\n\n(619\n\n)\n\nOperating income (loss) before income and social contribution taxes\n\n(193,976\n\n)\n\nIncome and social contribution taxes\n\nCurrent\n\n5,834\n\nDeferred\n\n(18,170\n\n)\n\nProfit (loss) for the period\n\n(206,312\n\n)\n\nFinal balance as of 12/31/2025(1)\n\nNet cash provided by operating activities\n\n30,231\n\nNet cash used in investing activities\n\n(34,948\n\n)\n\nNet cash used in financing activities\n\n(6,596\n\n)\n\nIncrease (Decrease) in cash and cash equivalents\n\n(11,313\n\n)\n\n(1)\nConsiders the balances since the acquisition of control in May 2025 according to Note 27.b.\n\nFor the parent company, in the statement of income for the year ended December 31, 2025, the share of profit (loss) of Cabotage, net of transactions with related parties, were reclassified as Discontinued Operation in the amount of R$ (121,153).\n\nF-100\n\n[Table of Contents](#TOC)\n\nUltrapar Participações S.A. and Subsidiaries\n\n**Notes to the financial statements**\n\n**For the year ended December 31, 2025**\n\n \n\n[29. Events after the reporting period](#TOC)\n\na. Completion of the acquisition of interest in Virtu GNL\n\n \n\nIn January 2026, the acquisition of a 37.5% interest in Virtu GNL Participações S.A. (“Virtu”), company that operates in two business models: (i) logistics of liquefied natural gas (LNG) for own use and (ii) LNG-powered logistics services, was completed for the amount of R$ 104 million, consolidating the Company's participation as co-parent companies of Virtu.\n\n \n\nb. Financing from the Constitutional Fund by Ultracargo\n\n \n\nOn January 29, 2026, subsidiary Ultracargo Logística obtained financing using resources from the Northeast Constitutional Fund through Banco do Nordeste do Brasil – BNB, in the amount of R$ 106,871, with financial charges of IPCA + 4.47% p.a. and maturing in 2041.\n\n \n\nc. Foreign loan obtained by subsidiary Ipiranga Produtos de Petróleo S.A.\n\n \n\nOn February 19, 2026, the subsidiary Ipiranga Produtos de Petróleo S.A. entered into a foreign loan with JP Morgan, under the Loan 4.131 modality, in the amount of USD 53,200 (R$ 277,172), with financial charges of USD + 4.95% p.a. and maturing in 2029.\n\n**d.****External\nfinancing obtained by Ultracargo Logística S.A.******\n\n** **\n\nOn March 30, 2026,\nthe Company entered into an external financing transaction in the amount of USD\n68,571 (equivalent to R$ 360,000 at the transaction date), subject to financial\ncharges at an annual rate of 3.808% and with maturity on October 5, 2027.\n\n \n\n**e.** **Matters reported by the press**\n\n** **\n\nOn March 26, 2026, the Company became aware of an investigation conducted by the Federal Public Prosecutor’s Office of the State of São Paulo (Ministério Público Federal do Estado de São Paulo), referred to as “Fisco Paralelo”, relating to an alleged scheme involving the early release of ICMS tax credits by public officials of the São Paulo State Department of Finance (Secretaria da Fazenda de São Paulo) through the engagement of certain law firms. According to media reports disclosed, the investigation contains references, to the Company’s subsidiary Ipiranga. As of the date of these financial statements, neither the Company nor Ipiranga has been formally notified by the competent authorities about the investigation.\n\n \n\nNotwithstanding the foregoing the Company has engaged independent external advisors to conduct an independent review of the facts referenced in the media reports, and such review is ongoing.\n\nBased on information available as of the date of these financial statements, the Company is unable to predict the duration, scope or ultimate outcome of this investigation, or any actions or proceedings that may be commenced or brought in connection therewith.\n\n \n\nManagement understands that, as of this date, the facts mentioned do not result in material impacts on the financial statements or operations of the controlled subsidiary Ipiranga or of the Group.\n\nF-101"}