Ultrapar Participações S.A. presented its outlook for the second half of 2025 and its strategic vision at its Analyst/Investor Day. The company anticipates strong operational cash flow generation, projecting its leverage ratio (net debt to EBITDA) to return to the 1.5x to 2x range by year-end.
This expected reduction in leverage is despite recent increases from Hidrovias' consolidation and the draft discount reduction. The company's disciplined capital allocation strategy prioritizes high-return investments in existing businesses and potential new ventures.
Segment-specific guidance indicates positive trends: Ipiranga expects seasonally stronger volumes and improved profitability in Q3 2025, benefiting from normalizing inventories and a closing import parity scenario. Ultragaz anticipates seasonally stronger volumes and slightly higher recurring EBITDA in Q3 2025, further enhanced by its new energy initiatives.
Ultracargo expects Q3 2025 EBITDA to remain consistent with Q2 levels as its new terminals mature, while Hidrovias is projected to deliver continued strong results and a significant increase in recurring EBITDA in Q3 2025. Ultrapar's strategic vision includes continuous evaluation of investment opportunities, with increased dividend payouts considered if attractive projects are not identified.
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