As filed with the Securities and Exchange Commission on April 28, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

(Mark one)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-14950

ULTRAPAR PARTICIPAÇÕES S.A.

(Exact name of Registrant as specified in its charter)

ULTRAPAR HOLDINGS INC.

(Translation of Registrant’s name into English)

The Federative Republic of Brazil

(Jurisdiction of incorporation or organization)

Brigadeiro Luis Antônio Avenue, 1343, 9^th Floor

São Paulo, SP, Brazil 01317-910

Telephone: 55 11 3177 7014

(Address of principal executive offices)

Alexandre Mendes Palhares, Chief Financial and Investor Relations Officer

Brigadeiro Luis Antônio Avenue, 1343, 9^th Floor

São Paulo, SP, Brazil 01317-910

Telephone: 55 11 3177 7014

(Name, telephone, email and/or facsimile number and address of company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered

Common 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)	UGP	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate 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.

The number of outstanding shares as of December 31, 2025, was:


Common shares	1,068,706,822

Title of class

Number of shares outstanding

Common shares

1,068,706,822

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

If 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

Note - 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.

Indicate 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

Indicate 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

Indicate 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.

Large Accelerated Filer ☒ Accelerated Filer ☐

Non-accelerated Filer ☐ Emerging growth company ☐

If 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. ☐

† 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.

Indicate 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. ☒

If 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. ☐

Indicate 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). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐

International Financial Reporting Standards as issued

by the International Accounting Standards Board ☒

Other ☐

If “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 ☐

If 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

Explanatory Note

We 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.

Graphics

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Table of Contents

Ultrapar Participações S.A. and Subsidiaries

Independent Auditor’s Report on the Consolidated Financial Statements	F-3
Consolidated statements of financial position as of December 31, 2025 and 2024	F-8
Consolidated statements of income	F-9
Consolidated statements of comprehensive income	F-10
Consolidated statements of changes in equity	F-11
Consolidated statements of cash flows – indirect method	F-14
1. Operations	F-15
a. Principles of consolidation and interest in subsidiaries	F-15
2. Basis of preparation and presentation of consolidated financial statements	F-18
3. New accounting policies and changes in accounting policies	F-22
4. Cash and cash equivalents and financial investments	F-23
5. Trade receivables and reseller financing	F-24
6. Inventories	F-26
7. Recoverable taxes and recoverable income and social contributions taxes	F-27
8. Related parties	F-29
9. Income and social contribution taxes	F-32
10. Contractual assets with customers - exclusivity rights	F-37
11. Investments in subsidiaries, joint ventures and associates	F-37
12. Right-of-use assets and leases payable	F-41
13. Property, plant, and equipment	F-45
14. Intangible assets	F-48
15. Loans, financing and debentures	F-52
16. Trade payables	F-55
17. Employee benefits and private pension plan	F-56
18. Provisions and contingent liabilities	F-58
19. Subscription warrants – indemnification	F-62
20. Equity	F-62
21. Costs, expenses and other operating results by nature	F-66
22. Financial result	F-67
23. Earnings per share	F-68
24. Segment information	F-69
25. Financial instruments	F-74
26. Commitments	F-87
27. Acquisition of Interest and Control	F-88
28. Discontinued operation	F-99
29. Events after the reporting period	F-101

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Deloitte Touche Tohmatsu

Av. Dr. Chucri Zaidan, 1.240 -

4º ao 12º pisos - Golden Tower

04711-130 - São Paulo - SP

Brasil

Tel.: + 55 (11) 5186-1000

Fax: + 55 (11) 5181-2911

www.deloitte.com.br

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

Ultrapar Participações S.A.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Ultrapar Participações S.A. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 28, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Deloitte 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.

Deloitte 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.

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Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the Audit and Risks Committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Business Combination – Hidrovias – Refer to Note 27.b to the consolidated financial statements

Critical Audit Matter Description

As disclosed in Note 27.b to the consolidated financial statements, in May 2025 the Company acquired control of Hidrovias do Brasil S.A. (“Hidrovias”), holding 58.72% of its capital as of December 31, 2025. This transaction requires, in accordance with the applicable accounting standards, the recognition by the Company of the business combination, including the measurement, at fair value, of the assets acquired and liabilities assumed, as well as the determination and recognition of goodwill. The determination of these values involves valuation techniques and subjective estimates, such as cash flow projections, discount rates, useful lives and operational assumptions, that require significant judgments by Management.

This topic was considered a critical audit matter due to the materiality of the balances involved, the complexity of the required estimates, the relevant judgments made by Management in concluding that it was a business combination achieved in stages, considering that the Company already had significant influence over Hidrovias before the acquisition of control, and the degree of subjectivity inherent in the assumptions used in the measurement of fair value and in the determination of goodwill.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the business combination of Hidrovias included the following, among others:

•	We 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.
•	We read and evaluated the relevant documents and contracts related to the transaction.
•	With 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.
•	We 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.
•	We evaluated the accounting policies applied to the business combination and to the identification of the assets and liabilities recorded at fair value.
•	With 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.
•	We 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.
•	We evaluated the related disclosures in the consolidated financial statements.

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Recoverable Taxes - Recoverability of PIS and COFINS tax credits - Ipiranga - Refer to Note 7.a.2
to the consolidated financial statements.

Critical Audit Matter Description

The Company´s subsidiary Ipiranga Produtos de Petróleo S.A. (“Ipiranga”) recorded recoverable tax credits related to PIS and COFINS (Federal Value Added Taxes) of R$3,863,682 as of December 31, 2025, whose realization depends on the generation by Ipiranga of sufficient amounts of qualifying federal tax liabilities in the future. These tax credits may be utilized to offset future PIS and COFINS tax liabilities or other future qualifying federal tax liabilities of Ipiranga, or may be refunded by the Federal Revenue Service through requests if they are filed within the applicable regulatory period.

The evaluation of the recoverability of the PIS and COFINS credits of Ipiranga requires a high degree of judgment by the Company´s management, given the complexity underlying the interpretations of the applicable tax laws, as well as the uncertainties related to the expected timing and amounts to be realized, which are based on estimates and assumptions of future business performance and market conditions, and involve considerable effort on the part of management in preparing the calculations used to support the realization of those tax credits.

This matter was considered a critical audit matter due to the significance of the amounts involved, the complexity and degree of judgment involved in assessing and challenging management’s assumptions and judgments regarding the recoverability of tax credits.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the recoverability of the Ipiranga PIS and COFINS tax credits included the following, among others:

•	We 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.
•	We inspected the approvals of the strategic plan and applicable underlying projections by the Board of Directors.
•	We 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.
•	We inquired of executives from the businesses, treasury and controllership areas and challenged the significant assumptions underlying management´s projections in light of historical performance.
•	We performed a retrospective analysis, including evaluation of the history of tax credit offsets and refunds, including assessing any contradictory evidence.
•	We evaluated the related disclosures in the financial statements.
•	We assessed the accuracy and completeness of disclosures related to PIS and COFINS tax credits.

/s/ DELOITTE TOUCHE TOHMATSU Auditores Independentes Ltda

São Paulo, Brazil

We have served as the Company's auditor since 2022.

April 28, 2026

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Deloitte Touche Tohmatsu

Av. Dr. Chucri Zaidan, 1.240 -

4º ao 12º pisos - Golden Tower

04711-130 - São Paulo - SP

Brasil

Tel.: + 55 (11) 5186-1000

Fax: + 55 (11) 5181-2911

www.deloitte.com.br

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

Ultrapar Participações S.A.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Ultrapar Participações S.A. and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated April 28, 2026, expressed an unqualified opinion on those financial statements.

As described in Management’s Annual Report on Internal Control Over Financial Reporting, the Company’s management excluded from its assessment the internal control over financial reporting at Hidrovias do Brasil S.A., Petrovila Combustíveis S.A., TRR Neoagrodiesel S.A., and MI TRR Transportadora Retalhista e Revendedora de Combustíveis S.A., which were acquired in 2025, and whose combined financial statements constitute 12.71% and 16.20% of net assets and total assets, respectively, 1.19% of revenues, and 4.62% of net income of the consolidated financial statement amounts as of and for the year ended December 31, 2025. Accordingly, our audit did not include the internal control over financial reporting at those entities.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting, appearing in Item 15(b). Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE TOUCHE TOHMATSU Auditores Independentes Ltda

São Paulo, Brazil

April 28, 2026

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Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of financial position as of December 31, 2025 and 2024
In thousands of Brazilian Reais)


	Note	12/31/2025	12/31/2024		Note	12/31/2025		12/31/2024
Assets				Liabilities
Current assets				Current liabilities
Cash and cash equivalents	4.a	3,175,125	2,071,593	Trade payables	16	4,643,344		3,518,385
Financial investments	4.b	3,851,758	2,306,927	Trade payables – reverse factoring		3,785		1,014,504
Derivative financial instruments	26.f	127,254	246,084	Loans, financing and debentures	15	4,251,131		3,478,673
Trade receivables	5.a	3,703,954	3,540,266	Derivative financial instruments	25.f	246,064		74,087
Reseller financing	5.a	573,093	511,979	Salaries and related charges		576,674		480,285
Inventories	6	4,244,164	3,917,076	Taxes payable		236,928		151,230
Recoverable taxes	7.a	1,685,426	2,040,008	Energy trading futures contracts	25.h	303,455		66,729
Recoverable income and social contribution taxes	7.b	317,963	151,930	Dividends payable	20.h	23,073		327,471
Energy trading futures contracts	25.h	371,241	141,257	Income and social contribution taxes payable		358,685		322,074
Dividends receivable		923	3,415	Post-employment benefits	17.b	19,067		24,098
Other receivables and other assets		294,068	294,769	Provisions for tax, civil and labor risks	18.a	49,175		47,788
Prepaid expenses		165,392	163,846	Leases payable	12.b	343,725		316,460
Contractual assets with customers - exclusivity rights	10	666,109	658,571	Financial liabilities of customers		63,445		117,090
Total current assets		19,176,470	16,047,721	Other payables		728,793		554,327
				Total current liabilities		11,847,344		10,493,201
Non-current assets				Non-current liabilities
Financial investments	4.b	2,381,597	2,819,179	Loans, financing and debentures	15	15,842,130		10,381,837
Derivative financial instruments	25.f	773,063	585,294	Derivative financial instruments	25.f	334,851		367,513
Trade receivables	5.a	33,282	27,003	Energy trading futures contracts	25.h	431,418		48,047
Reseller financing	5.a	800,927	766,045	Related parties	8	2,875		3,516
Related parties	8	105,196	48,309	Deferred income and social contribution taxes	9.a	637,897		132,825
Deferred income and social contribution taxes	9.a	1,007,291	936,941	Post-employment benefits	17.b	196,549		198,778
Recoverable taxes	7.a	3,717,815	2,650,269	Provisions for tax, civil and labor risks	18.a	485,439		610,572
Recoverable income and social contribution taxes	7.b	346,093	346,137	Leases payable	12.b	1,395,908		1,168,692
Energy trading futures contracts	25.h	724,121	263,438	Financial liabilities of customers		10,881		63,135
Escrow deposits	18.a	471,609	446,076	Subscription warrants – indemnification	19	53,911		47,745
Indemnification asset - business combination	18.c	92,524	126,098	Provision for loss on investment	11	76,059		349
Other receivables and other assets		185,726	117,076	Other payables		303,115		218,420
Prepaid expenses		80,643	40,904
Contractual assets with customers - exclusivity rights	10	1,518,987	1,473,331	Total non-current liabilities		19,771,033		13,241,429
				Equity
				Share capital	20.a	7,987,100		6,621,752
Investments in subsidiaries, joint ventures and associates	11	521,381	2,148,633	Equity instrument granted	20.b	144,694		108,253
Right-of-use assets, net	12	1,928,694	1,671,324	Capital reserve	20.d	617,009		612,048
Property, plant and equipment, net	13	12,167,097	7,135,966	Treasury shares	20.c	(822,526	)	(596,400	)
Intangible assets, net	14	3,316,478	1,908,330	Revaluation reserve	20.e	3,476		3,632
				Profit reserves	20.f	7,662,403		8,195,221
Total non-current assets		30,172,524	23,510,353	Accumulated other comprehensive income		223,355		214,212
				Acquisition of shares from shareholders	27.b	(149,239	)	‐
				Equity attributable to:
				Ultrapar shareholders’ equity		15,666,272		15,158,718
				Non-controlling interests	11	2,064,345		664,726
				Total equity		17,730,617		15,823,444
Total assets		49,348,994	39,558,074	Total liabilities and equity		49,348,994		39,558,074

The accompanying notes are an integral part of the financial statements.

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Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of income
For the years ended December 31, 2025, 2024 and 2023
In thousands of Brazilian Reais)

	Note	2025		2024		2023
Continuing operations
Net revenue from sales and services		142,369,540		133,498,913		126,048,701
Cost of products and services sold	21	(133,010,699	)	(123,811,893	)	(116,730,469	)
Gross profit		9,358,841		9,687,020		9,318,232
Operating income (expenses)
Selling and marketing	21	(2,517,894	)	(2,499,547	)	(2,253,226	)
General and administrative	21	(2,249,413	)	(1,872,092	)	(2,018,159	)
Results from disposal of assets		99,570		171,837		121,935
Other operating income (expenses), net	21	354,664		(414,092	)	(602,865	)
Operating result before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes		5,045,768		5,073,126		4,565,917
Share of profit (loss) of subsidiaries, joint ventures and associates	11	(155,999	)	(127,182	)	11,908
Amortization of fair value adjustments on associates acquisition	11	(1,611	)	(2,493	)	-
Gain on acquisition of control of associate	27.b	91,105		‐		-
Total share of profit (loss) of subsidiaries, joint ventures and associates		(66,505	)	(129,675	)	11,908

Income before financial result and income and social contribution taxes		4,979,263		4,943,451		4,577,825
Financial income	22	1,580,842		881,074		880,884
Financial expenses	22	(2,748,196	)	(1,813,008	)	(1,880,014	)
Financial result, net	22	(1,167,354	)	(931,934	)	(999,130	)
Income before income and social contribution taxes		3,811,909		4,011,517		3,578,695
Income and social contribution taxes
Current	9.b	(1,054,797	)	(1,124,664	)	(1,396,317	)
Deferred	9.b	(8,892	)	(360,953	)	335,375
		(1,063,689	)	(1,485,617	)	(1,060,942	)
Net income from continuing operations		2,748,220		2,525,900		2,517,753
Discontinued operations
Net income (loss) from discontinued operations	28	(206,312	)	‐		-
Net income for the year		2,541,908		2,525,900		2,517,753
Income attributable to:
Shareholders of Ultrapar		2,453,853		2,362,740		2,439,795
Non-controlling interests in subsidiaries	11	88,055		163,160		77,958

Total earnings per share from continuing operations (based on the weighted average number of shares outstanding) – R$
Basic	23	2.4027		2.1438		2.2272
Diluted	23	2.3513		2.1141		2.2081
Earnings per share from discontinued operations (based on the weighted average number of shares outstanding) – R$
Basic	23	(0.1130	)	‐		-
Diluted	23	(0.1106	)	‐		-
Total earnings per share (based on the weighted average number of shares outstanding) – R$
Basic	23	2.2896		2.1438		2.2272
Diluted	23	2.2407		2.1141		2.2081

The accompanying notes are an integral part of the financial statements.

F-9

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of comprehensive income
As of December 31, 2025 and 2024
In thousands of Brazilian Reais)


	Note	2025		2024	2023
Net income for the year, attributable to shareholders of Ultrapar		2,453,853		2,362,740	2,439,795
Net income for the year, attributable to non-controlling interests in subsidiaries		88,055		163,160	77,958
Net income for the year		2,541,908		2,525,900	2,517,753
Items that will be subsequently reclassified to profit or loss:
Fair value adjustments of financial instruments of subsidiaries, joint ventures and associates, net of income and social contribution taxes	20.g	117,760		8,495	(7,399	)
Translation adjustments of subsidiaries	20.g	(78,712	)	36,134	-
Items that will not be subsequently reclassified to profit or loss:
Actuarial gains of post-employment benefits, net of income and social contribution taxes	20.g	3,865		25,218	(32,971	)
Total comprehensive income for the year		2,584,821		2,595,747	2,477,383
Total comprehensive income for the year attributable to shareholders of Ultrapar		2,462,996		2,422,844	2,413,929
Total comprehensive income for the year attributable to non-controlling interests in subsidiaries		121,825		172,903	63,454

The accompanying notes are an integral part of the financial statements.

F-10

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of changes in equity
For the years ended December 31, 2025, 2024 and 2023
(In thousands of Brazilian Reais, except dividends per share)

Profit reserves

Equity attributable to:

Note

Share capital

Equity instrument granted

Capital reserve

Treasury shares

Revaluation reserve of subsidiaries

Legal reserve

Investments statutory reserve

Accumulated other comprehensive income

Retained earnings

Additional dividends to the minimum mandatory dividends

Shareholders of Ultrapar

Non-controlling interests (i)

Consolidated
total equity

Balance as of December 31, 2022

5,171,752

43,987

599,461

(479,674

)

3,975

882,575

5,228,561

179,974

‐

78,130

11,708,741

466,227

12,174,968

Net income for the year

‐

2,439,795

‐

2,439,795

77,958

2,517,753

Other comprehensive income

‐

(25,866

)

‐

(25,866

)

(14,504

)

(40,370

)

Total comprehensive income for the year

‐

(25,866

)

2,439,795

‐

2,413,929

63,454

2,477,383

Issuance of shares related to the subscription warrants - indemnification

‐

560

‐

560

‐

560

Equity instrument granted

8.c; 20.b

‐

31,938

(2,193

)

9,164

‐

38,909

‐

38,909

Realization of revaluation reserve of subsidiaries

‐

(173

)

‐

(113

)

‐

(113

)

Capital increase with reserves

20.a

1,450,000

‐

(882,575

)

(567,425

)

‐

Shareholder transaction - changes of ownership interest

‐

Loss due to change in ownership interest

‐

(45

)

(45

)

Dividends prescribed

‐

2,048

‐

2,048

‐

2,048

Special reserve for mandatory dividend not distributed to non-controlling shareholders

‐

(11,145

)

(11,145

)

Non-controlling interest in acquired subsidiary

‐

24,303

Allocation of net income:

Legal reserve

‐

121,990

‐

(121,990

)

‐

Investments statutory reserve

‐

1,606,431

‐

(1,606,431

)

‐

Additional minimum mandatory dividend (R$ 0.28 per share)

‐

(305,653

)

‐

(305,653

)

‐

(305,653

)

Additional dividends (R$ 0.12 per share)

‐

(134,031

)

134,031

‐

Dividends attributable to non-controlling interests

‐

(19,463

)

(19,463

)

Approval of additional dividends by the Ordinary General Shareholders’ Meeting

‐

(78,130

)

(78,130

)

‐

(78,130

)

Interim dividends (R$ 0.25 per share)

‐

(273,798

)

‐

(273,798

)

‐

(273,798

)

Balance as of December 31, 2023

6,621,752

75,925

597,828

(470,510

)

3,802

121,990

6,267,569

154,108

‐

134,031

13,506,495

523,331

14,029,826

F-11

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of changes in equity
For the years ended December 31, 2025, 2024 and 2023
(In thousands of Brazilian Reais, except dividends per share)

Equity attributable to:

Note

Share capital

Equity instrument granted

Capital reserve

Treasury shares

Revaluation reserve

Profit reserves

Accumulated other comprehensive income

Acquisition of shares from shareholders

Retained earnings

Shareholders of Ultrapar

Non-controlling interests (i)

Consolidated total equity

Balance as of December 31, 2023

6,621,752

75,925

597,828

(470,510

)

3,802

6,523,590

154,108

‐

13,506,495

523,331

14,029,826

Net income for the year

‐

2,362,740

163,160

2,525,900

Other comprehensive income

‐

60,104

‐

60,104

9,743

69,847

Total comprehensive income for the year

‐

60,104

‐

2,362,740

2,422,844

172,903

2,595,747

Issuance of shares related to the subscription warrants - indemnification

‐

6,452

‐

6,452

‐

6,452

Equity instrument granted

8.d; 20.b

‐

32,328

2,069

23,055

‐

57,452

57,458

Purchase of treasury shares

‐

(148,945

)

‐

(148,945

)

‐

(148,945

)

Realization of revaluation reserve of subsidiaries

‐

(170

)

‐

170

‐

Setting up of reserves

20.a

‐

5,699

‐

5,699

(36

)

5,663

Shareholder transaction - changes of ownership interest

‐

534

309

843

Dividends prescribed

‐

3,369

‐

3,369

Non-controlling interest in acquired subsidiary

‐

112,160

Allocation of net income:

Legal reserve

20.f

‐

118,137

‐

(118,137

)

‐

Investments statutory reserve

20.f

‐

1,479,404

‐

(1,479,404

)

‐

Additional minimum mandatory dividend for the year (R$ 0.26 per share)

20.h

(285,180

)

(285,180

)

(285,180

)

Additional dividends (R$ 0.19 per share)

20.f

‐

208,121

‐

(208,121

)

‐

Interest on equity attributable to non-controlling interests

‐

(105,590

)

(105,590

)

Dividends attributable to non-controlling interests

‐

(38,357

)

(38,357

)

Interim dividends (R$ 0.25 per share)

20.h

‐

(275,971

)

(275,971

)

‐

(275,971

)

Approval of additional dividends by the Ordinary General Shareholders’ Meeting

20.h

‐

(134,031

)

‐

(134,031

)

‐

(134,031

)

Balance as of December 31, 2024

6,621,752

108,253

612,048

(596,400

)

3,632

8,195,221

214,212

‐

15,158,718

664,726

15,823,444

F-12

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of changes in equity
For the years ended December 31, 2025, 2024 and 2023
(In thousands of Brazilian Reais, except dividends per share)

Equity attributable to:

Note

Share capital

Equity instrument granted

Capital reserve

Treasury shares

Revaluation reserve

Profit reserves

Accumulated other comprehensive income

Acquisition of shares from shareholders

Retained earnings

Shareholders of Ultrapar

Non-controlling interests (i)

Consolidated total equity

Balance as of December 31, 2024

6,621,752

108,253

612,048

(596,400

)

3,632

8,195,221

214,212

15,158,718

664,726

15,823,444

Net income for the year

‐

2,453,853

88,055

2,541,908

Other comprehensive income

‐

9,143

‐

9,143

33,770

42,913

Total comprehensive income for the year

‐

9,143

‐

2,453,853

2,462,996

121,825

2,584,821

Issuance of shares related to the subscription warrants - indemnification

‐

7,863

‐

7,863

‐

7,863

Equity instrument granted

8.d; 20.b

‐

36,441

(7,351

)

40,828

‐

69,918

(1,563

)

68,355

Purchase of treasury shares

20.c

‐

(266,954

)

‐

(266,954

)

‐

(266,954

)

Realization of revaluation reserve

‐

(156

)

‐

156

‐

Capital increase with reserves

20.a

1,365,348

‐

(1,365,348

)

‐

Capital increase of non-controlling shareholders

‐

12,184

Shareholder transaction

27.b

‐

(149,239

)

(45

)

(149,284

)

‐

(149,284

)

Setting up of reserves

20.d

‐

4,449

‐

4,449

‐

4,449

Non-controlling interest in the equity of acquired subsidiary – Hidrovias

27.b

‐

1,658,270

Variation in change of ownership interest of non-controlling shareholders

‐

(190,462

)

(190,462

)

Non-controlling interest in the equity of acquired subsidiary

‐

45,633

Payment of dividends for the prior year

20.h

‐

(208,121

)

‐

(208,121

)

‐

(208,121

)

Allocation of net income:

Legal reserve

20.f

‐

122,692

‐

(122,692

)

‐

Investments statutory reserve

20.f

‐

917,959

‐

(917,959

)

‐

Minimum mandatory dividends for the year

20.h

‐

(582,790

)

(582,790

)

(582,790

)

Additional dividends to the minimum mandatory dividends

20.h

‐

(830,523

)

(830,523

)

(830,523

)

Dividends and interest on equity attributable to non-controlling interests

‐

(246,268

)

(246,268

)

Balance as of December 31, 2025

7,987,100

144,694

617,009

(822,526

)

3,476

7,662,403

223,355

(149,239

)

15,666,272

2,064,345

17,730,617

(i)	Are substantially represented by non-controlling shareholders of Iconic and Hidrovias.

The accompanying notes are an integral part of the financial statements.

F-13

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Consolidated statements of cash flows – indirect method
As of December 31, 2025 and 2024
In thousands of Brazilian Reais)


	Note	2025		2024		2023
CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES
Net income from continuing operations		2,748,220		2,525,900		2,517,753
Adjustments to reconcile net income to cash provided (consumed) by operating activities
Share of profit (loss) of subsidiaries, joint ventures and associates and amortization of fair value adjustments on associates acquisition	11	157,610		129,675		(11,908	)
Amortization of contractual assets with customers - exclusivity rights	10	469,766		555,083		607,446
Amortization of right-of-use assets	12	367,129		312,060		305,900
Depreciation and amortization	13; 14	1,219,034		900,673		848,894
Interest, monetary variations and foreign exchange variations		1,472,633		1,557,814		1,349,953
Current and deferred income and social contribution taxes	9.b	1,063,689		1,485,617		1,060,942
Gain (loss) on disposal or write-off of assets		(110,259	)	(207,076	)	(192,744	)
Equity instrument granted		40,564		57,458		38,909
Gain (loss) on the fair value of energy contracts		(71,121	)	(64,287	)	‐
Provision for decarbonization - CBIO		370,823		584,371		740,298
Revaluation of investment in associates	27.b	(91,105	)	‐		-
Provisions for tax, civil and labor risks		(103,901	)	(4,708	)	192,975
Other provisions and adjustments		(18,431	)	(11,361	)	(45,175	)
		7,514,651		7,821,219		7,413,243
(Increase) decrease in assets
Trade receivables and reseller financing	5	(185,611	)	180,339		259,878
Inventories	6	(151,282	)	371,244		645,301
Recoverable taxes		(171,126	)	(585,254	)	(309,322	)
Dividends received from subsidiaries, associates and joint ventures		11,141		2,028		12,041
Other assets		167,931		(114,528	)	(87,797	)
Increase (decrease) in liabilities
Trade payables and trade payables - reverse factoring	16	(31,818	)	(1,209,636	)	(1,700,496	)
Salaries and related charges		47,615		(17,019	)	30,965
Taxes payable		8,963		(23,512	)	(25,027	)
Income and social contribution taxes payable		(949,442	)	(1,057,460	)	(892,118)
Other liabilities		189,931		(160,331	)	218,523
Acquisition of CBIO and carbon credits	14	(370,501	)	(713,453	)	(778,885	)
Payments of contractual assets with customers - exclusivity rights	10	(455,567	)	(418,250	)	(597,798)
Payment of contingencies		(78,537	)	(30,896	)	(70,128	)
Income and social contribution taxes paid		(124,077	)	(308,915	)	(268,558	)
Net cash provided by continuing operating activities		5,422,271		3,735,576		3,849,822
Net cash provided by discontinued operating activities		30,231		-		-
Net cash provided by operating activities		5,452,502		3,735,576		3,849,822
CASH FLOWS FROM INVESTING ACTIVITIES
Financial investments, net of redemptions	4.b	(1,510,857	)	(4,202,032	)	73,973
Acquisition of property, plant and equipment and intangible assets	13; 14	(2,005,243	)	(1,787,175	)	(1,287,330	)
Sale of investments and other assets		429,283		1,386,252		512,827
Acquisition of investments and other assets		(937,457	)	(1,785,517	)	(324,125	)
Cash acquired in business combination		1,213,510		522		3,100
Net cash consumed by continuing investing activities		(2,810,764	)	(6,387,950	)	(1,021,555	)
Net cash consumed by discontinued investing activities		(34,948	)	-		-
Net cash consumed by investing activities		(2,845,712	)	(6,387,950	)	(1,021,555	)
CASH FLOWS FROM FINANCING ACTIVITIES
Loans, financing and debentures
Proceeds	15	8,669,139		4,179,974		2,903,031
Repayments	15	(5,134,131	)	(2,718,953	)	(3,149,525	)
Interest and derivatives (paid) or received		(1,899,251	)	(1,117,562	)	(1,267,447	)
Payments of lease
Principal and interest paid	12.b	(480,722	)	(433,488	)	(359,113	)
Dividends paid		(2,172,132	)	(833,658	)	(400,025	)
Proceeds from financial liabilities of customers		-		-		7,812
Payments of financial liabilities of customers		(123,122	)	(159,897	)	(197,891	)
Capital increase made by non-controlling shareholders and redemption of shares		(12,300	)	13,500		-
Repurchase of treasury shares		(266,954	)	(148,945	)	-
Related parties		(43,521	)	(15,073	)	(31,238	)
Net cash consumed by continuing financing activities		(1,462,994	)	(1,234,102	)	(2,494,396	)
Net cash consumed by discontinued financing activities		(6,596	)	-		-
Net cash consumed by financing activities		(1,469,590	)	(1,234,102	)	(2,494,396	)
Effect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations		(44,981	)	32,381		(29,952	)
Increase (decrease) in cash and cash equivalents - continuing operations		1,103,532		(3,854,095	)	303,919
Increase (decrease) in cash and cash equivalents - discontinued operations		(11,313	)	-		-
Cash and cash equivalents at the beginning of the year - continuing operations	4.a	2,071,593		5,925,688		5,621,769
Cash and cash equivalents at the beginning of the year - discontinued operations		11,313		-		-
Cash and cash equivalents at the end of the year - continuing operations	4.a	3,175,125		2,071,593		5,925,688
Non-cash transactions:
Addition and remeasurement on right-of-use assets and leases payable	12	400,758		342,332		257,201
Addition on contractual assets with customers - exclusivity rights	10	67,393		5,627		66,565
Reclassification between financial assets and investment in associates		‐		645,333		-
Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition		‐		6,452		411
Acquisition of property, plant and equipment and intangible assets without cash effect		23,478		42,180		104,177

The accompanying notes are an integral part of the financial statements.

F-14

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

1. Operations

Ultrapar 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”.

The 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.

These financial statements were authorized for issuance by the Management on April 28, 2026.

a. Principles of consolidation and interest in subsidiaries

a.1 Principles of consolidation

In 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.

Consolidation 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.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies.

F-15

Table of Contents


Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

a.2 Interest in subsidiaries

The consolidated financial statements include the following direct and indirect subsidiaries:

			Interest % roudend
			12/31/2025		12/31/2024		12/31/2023
			Control		Control		Control
	Location	Segment	Direct	Indirect	Direct	Indirect	Direct	Indirect
Ultra Mobilidade S.A. (1)	Brazil	Ipiranga	100	-	100	-	100	-
Centro de Conveniências Millennium Ltda. and subsidiaries (2)	Brazil	Ipiranga	-	-	-	100	-	100
am/pm Comestíveis Ltda. (3)	Brazil	Ipiranga	-	100	-	-	-	-
Glazed Brasil S.A. (“Krispy Kreme”)	Brazil	Ipiranga	-	55	-	-	-	-
Centro de Conveniências Millennium Ltda. and subsidiaries (2)	Brazil	Ipiranga	-	100	-	-	-	-
Neodiesel Ltda.(13)	Brazil	Ipiranga	-	100	-	100	-	-
Serra Diesel Transportador Revendedor Retalhista Ltda.(14)	Brazil	Ipiranga	-	60	-	60	-	60
Neoagro Diesel S.A. (4)	Brazil	Ipiranga	-	60	-	-	-	-
Mi TRR Transportadora Retalhista e Revendedora de Combustíveis S.A. (5)	Brazil	Ipiranga	-	51	-	-	-	-
Petrovila Combustíveis S.A. (6)	Brazil	Ipiranga	-	60	-	-	-	-
Ipiranga Produtos de Petróleo S.A.(15)	Brazil	Ipiranga	-	100	-	100	100	-
am/pm Comestíveis Ltda. (3)	Brazil	Ipiranga	-	-	-	100	-	100
Glazed Brasil S.A. (“Krispy Kreme”)(16)	Brazil	Ipiranga	-	-	-	55	-	-
Ipiranga Trading Limited	British Virgin Islands	Ipiranga	-	100	-	100	-	100
Ipiranga Imobiliária Ltda.	Brazil	Ipiranga	-	100	-	100	-	100
Ipiranga Logística Ltda.	Brazil	Ipiranga	-	100	-	100	-	100
Oil Trading Importadora e Exportadora Ltda.	Brazil	Ipiranga	-	100	-	100	-	100
Iconic Lubrificantes S.A.	Brazil	Ipiranga	-	56	-	56	-	56
Integra Frotas Ltda.	Brazil	Ipiranga	-	100	-	100	-	100
Icorban – Correspondente bancário Ltda.⁽¹⁷⁾	Brazil	Ipiranga	-	-	-	-	-	100
Tropical TransportesIpiranga Ltda. ⁽¹⁸⁾	Brazil	Ipiranga	-	-	-	-	-	100
Irupé Biocombustíveis Ltda^.	Brazil	Ipiranga	-	100	-	100	-	100
Ipiranga Trading North America LLC.(19)	United States	Ipiranga	-	100	-	100	-	-
Ipiranga Trading Middle East DMCC	Dubai	Ipiranga	-	100	-	100	-	-
Ipiranga Trading Europe S.A.(19)	Switzerland	Ipiranga	-	100	-	100	-	-
Eaí Clube Automobilista S.A. (7)	Brazil	Ipiranga	-	-	-	100	100	-
Abastece Aí Participações S.A. (8)	Brazil	Ipiranga	-	-	-	100	-	100
Abastece Aí Clube Automobilista Instituição de Pagamento Ltda. (8)	Brazil	Ipiranga	-	-	-	100	-	100
Abastece Aí Participações S.A. (8)	Brazil	Ipiranga	-	100	-	-	-	-
Abastece Aí Clube Automobilista Instituição de Pagamento Ltda. (8)	Brazil	Ipiranga	-	100	-	-	-	-
Companhia Ultragaz S.A.	Brazil	Ultragaz	99	-	99	-	-	99
Ultragaz Participações Ltda.⁽²⁰⁾	Brazil	Ultragaz	-	-	-	-	100	-
Ultragaz Energia Ltda. and subsidiaries	Brazil	Ultragaz	-	100	-	100	-	100
Nova Paraná Distribuidora de Gás Ltda.	Brazil	Ultragaz	-	100	-	100	-	100
Utingás Armazenadora S.A.	Brazil	Ultragaz	-	57	-	57	-	57
Bahiana Distribuidora de Gás Ltda.	Brazil	Ultragaz	-	100	-	100	-	100
NEOgás do Brasil Gás Natural Comprimido S.A^.	Brazil	Ultragaz	-	100	-	100	-	100
WTZ Participações S.A. (9)	Brazil	Ultragaz	-	-	-	52	-	-
Ultragaz Comercializadora de Energia Ltda. (9)	Brazil	Ultragaz	-	52	-	-	-	-
Ultragaz Energia e Corretagem de Seguros Ltda. (9)	Brazil	Ultragaz	-	100	-	-	-	-
UVC Investimentos Ltda.	Brazil	Others	100	-	100	-	100	-
UVC - Fundo de investimento em participações multiestratégia investimento no exterior ⁽²¹⁾	Brazil	Others	-	-	-	-	-	100
Ultra Logística Ltda.⁽²²⁾	Brazil	Hidrovias	100	-	100	-	100	-
Hidrovias do Brasil S.A. (10)	Brazil	Hidrovias	-	59	-	-	-	-
Hidrovias do Brasil – Vila do Conde S.A.	Brazil	Hidrovias	-	100	-	-	-	-
Hidrovias do Brasil – Cabotagem Ltda. (11)	Brazil	Hidrovias	-	-	-	-	-	-
Hidrovias do Brasil – Administração Portuária de Santos S.A.	Brazil	Hidrovias	-	100	-	-	-	-
Hidrovias del Sur S.A.	Uruguay	Hidrovias	-	100	-	-	-	-
Baloto S.A.	Uruguay	Hidrovias	-	100	-	-	-	-
Girocantex S.A.	Uruguay	Hidrovias	-	100	-	-	-	-
Cikelsol S.A.	Uruguay	Hidrovias	-	100	-	-	-	-
Resflir S.A.	Uruguay	Hidrovias	-	100	-	-	-	-
Hidrovias del Paraguay S.A.	Paraguay	Hidrovias	-	100	-	-	-	-
Pricolpar S.A.	Paraguay	Hidrovias	-	100	-	-	-	-
Hidrovias Navegación Fluvial S.A.	Paraguay	Hidrovias	-	100	-	-	-	-
Hidrovias South America BV	Netherlands	Hidrovias	-	100	-	-	-	-
Hidrovias International Finance S.à.r.l.	Luxembourg	Hidrovias	-	100	-	-	-	-
Ultracargo Logística S.A. (12)	Brazil	Ultracargo	-	-	-	99	-	99
Ultracargo Soluções Logísticas S.A.	Brazil	Ultracargo	-	-	-	100	-	100
Ultracargo Logística S.A. (12)	Brazil	Ultracargo	99	-	-	-	-	-
Ultracargo Soluções Logísticas S.A.	Brazil	Ultracargo	-	100	-	-	-	-
Ultrapar International S.A.	Luxembourg	Others	100	-	100	-	100	-
Imaven Imóveis Ltda.	Brazil	Others	100	-	100	-	100	-
Eaí Clube Automobilista S.A.(7)	Brazil	Others	100	-	-	-	-	-

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

(1)	On January 2, 2025, the name of subsidiary Ultrapar Mobilidade Ltda. was changed to Ultra Mobilidade S.A.
(2)	In January, 2025, indirect subsidiary Centro de Conveniências Millenium and subsidiaries started being directly controlled by am/pm Comestíveis Ltda.
(3)	In January, 2025, indirect subsidiary am/pm Comestíveis Ltda. started being directly controlled by Ultra Mobilidade S.A.
(4)	Company established on May 5, 2025, engaged in the wholesale trade of fuel carried out by carrier-reseller-retailer (TRR).
(5)	In July 2025, subsidiary Neodiesel Ltda. became the controlling shareholder of Mi TRR Transportadora retalhista e revendedora de combustíveis S.A. (“Mi TRR”).
(6)	In December 2025, subsidiary Neodiesel acquired a 60% interest in Petrovila Combustíveis S.A. (“Petrovila”).
(7)	On 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.
(8)	In December 2025, indirect subsidiaries Abastece Aí Participações and Abastece Aí Clube Automobilista Instituição de Pagamento started to be directly controlled by Ipiranga.
(9)	On 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.
(10)	In May 2025, subsidiary Ultra Logística Ltda. became the controlling shareholder of Hidrovias. For further details, see Note 27.b.
(11)	The information on Hidrovias do Brasil – Cabotagem is presented as Discontinued Operation according to Note 28.
(12)	In January 2025, indirect subsidiary Ultracargo Logística S.A started being directly controlled by Ultrapar.
(13)	Company established on May 16, 2024 with the purpose of holding interests in other companies.
(14)	On 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.
(15)	On January 2, 2024, direct subsidiary Ipiranga Produtos de Petróleo S.A. (“Ipiranga”) became controlled by Ultrapar Mobilidade Ltda.
⁽¹⁶⁾	Company (“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.
(17)	On August 1, 2024, the merger of the company into Ipiranga was approved.
(18)	On November 1, 2024, the merger of the company into Ipiranga was approved.
(19)	Companies established as Ipiranga’s subsidiaries in foreign countries (Ipiranga Trading North America LLC. established on February 28, 2024, Ipiranga Trading Europe S.A. established on January 12, 2024), engaged in the commercial representation, trade, export and import of fuels.
(20)	On August 1, 2024, the merger of the company into Companhia Ultragaz S.A. was approved, which became direct subsidiary of Ultrapar.
(21)	On December 10, 2024, the Company transferred your total shares to UVC Investimentos Ltda.
(22)	On February 19, 2024, the name of subsidiary Ultracargo Operações Logísticas e Participações Ltda. was changed to Ultrapar Logística Ltda. On April 30, 2025, the name of subsidiary Ultrapar Logística Ltda. was changed to Ultra Logística Ltda.

b. Main events that occurred in the year

b.1 Acquisition of significant ownership interest in Hidrovias

On 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

2. Basis of preparation and presentation of consolidated financial statements

The 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”).

The financial statements were prepared and are presented:

	a.	using consistent accounting policies and practices for Ultrapar and in its subsidiaries in all the years presented in these financial statements
	b.	in 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”.
		The 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:
		• Assets and liabilities were translated using the closing rate at the reporting date;
		• Equity was translated at historical cost; and
		• Income and expenses were translated using the average monthly rate.
	c.	considering all relevant proprietary information, which has been disclosed and corresponds to that used by the Company’s and its subsidiaries’ Management.
	d.	according 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.
	e.	based on the historical cost, except for the following material items recognized in the statements of financial position:
		(i) Financial investments measured at fair value;
		(ii) derivative and non-derivative financial instruments measured at fair value;
		(iii) loans and financing measured at fair value;
		(iv) future energy contracts measured at fair value;
		(v) share-based payments and employee benefits measured at fair value; and
		(vi) deemed cost of property, plant and equipment.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Material accounting policies

The financial statements were prepared using consistent accounting policies and practices on Ultrapar and its subsidiaries.

Accounting policies are presented in their respective notes, except for those described below:

a. Foreign currency transactions

Foreign 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.

b. Basis for translation of financial statements of foreign subsidiaries

b.1 Foreing subsidiaries without administrative authority

The 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.

c. Use of estimates, assumptions and judgments

The 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.

c.1 Judgments

Information 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).

c.2 Uncertainties related to the assumptions and estimates

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

d. Impairment of property, plant and equipment and intangible assets, including goodwill

The 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.

The 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.

To 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.

As 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.

e. Other assets

Other 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.

f. Other liabilities

Other 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.

g. Statements of cash flows

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Reclassifications

With 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:

	Published			Reclassified
	2024	Reclassification		2024
Current assets ⁽ⁱ⁾
Financial investments, derivative instruments and other financial assets	2,553,011	(2,553,011	)	-
Financial investments and other financial assets	-	2,306,927		2,306,927
Derivative financial instruments	-	246,084		246,084
	2,553,011	-		2,553,011

Non-current assets ⁽ⁱ⁾
Financial investments, derivative instruments and other financial assets	3,407,080	(3,407,080	)	-
Financial investments and other financial assets	-	2,819,179		2,819,179
Derivative financial instruments	-	585,294		585,294
Other receivables and other assets	114,469	2,607		117,076
	3,521,549	-		3,521,549

	Published			Reclassified
	2024	Reclassification		2024
Current liabilities ⁽ⁱⁱ⁾
Loans, financing and derivative financial instruments	3,175,017	(3,175,017	)	-
Debentures	377,743	(377,743	)	-
Loans, financing and debentures	-	3,478,673		3,478,673
Derivative financial instruments	-	74,087		74,087
	3,552,760	-		3,552,760

Non-current liabilities ⁽ⁱⁱ⁾
Loans, financing and derivative financial instruments	6,393,232	(6,393,232	)	-
Debentures	4,356,118	(4,356,118	)	-
Loans, financing and debentures	-	10,381,837		10,381,837
Derivative financial instruments	-	367,513		367,513
	10,749,350	-		10,749,350

(i)	Financial 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;
(ii)	Loans 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

3. New accounting policies and changes in accounting policies

The Company evaluated and, when necessary, applied for the first time the new standards and interpretations issued by the IASB.

a. New accounting policies and changes in accounting policies

a.1 Accounting policies adopted

The 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:

IAS 21 – The Effects of Changes in Foreign Exchange Rates

a.2 Accounting policies not adopted

The 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.

IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments and Contracts Referencing Nature-dependent Electricity
IFRS 18 – Presentation and Disclosure in Financial Statements
IFRS 19 – Subsidiaries without Public Accountability

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

4. Cash and cash equivalents and financial investments

Accounting policy

Cash 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.

Investments 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.

Cash 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.

a. Cash and cash equivalents

	12/31/2025	12/31/2024
Cash and banks
In local currency	432,604	211,047
In foreign currency	409,691	194,793
Financial investments considered cash equivalents
Securities and funds
In local currency	1,622,908	1,286,152
In foreign currency	709,922	379,601
Total cash and cash equivalents	3,175,125	2,071,593

b. Financial investments

	12/31/2025	12/31/2024
Financial investments
Securities and funds
In local currency ^(a)	3,311,585	2,271,980
In foreign currency ^(b)	2,921,770	2,854,126
Total financial investments	6,233,355	5,126,106
Current	3,851,758	2,306,927
Non-current	2,381,597	2,819,179

(a)	The 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).
(b)	Refers substantially to financial investments made by subsidiary Ultrapar International in Time Deposits.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

5. Trade receivables and reseller financing

Accounting policy

Trade 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.

Reseller 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.

Expected 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.

The amount of the expected credit losses is deemed by Management to be sufficient to cover any loss on realization of trade receivables.

a. Trade receivables and reseller financing

Trade receivables	12/31/2025		12/31/2024
Domestic customers	3,946,459		3,885,310
Domestic customers - related parties (see Note 8)	6,449		301
Foreign customers	133,961		19,032
Foreign customers - related parties (see Note 8)	2,839		8,361
	4,089,708		3,913,004
(-) Allowance for expected credit losses	(352,472	)	(345,735	)
Total - trade receivables of customers	3,737,236		3,567,269
Current	3,703,954		3,540,266
Non-current	33,282		27,003

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Reseller financing	12/31/2025		12/31/2024
Reseller financing	1,508,373		1,404,883
(-) Allowance for expected credit losses	(134,353	)	(126,859	)
Total – reseller financing	1,374,020		1,278,024
Current	573,093		511,979
Non-current	800,927		766,045

b. Allowance for expected credit losses – trade receivables and reseller financing

Movements in the allowance for expected credit losses of trade receivables and reseller financing are as follows:

	Trade receivables		Reseller financing		Total
Balance as of December 31, 2022	322,753		173,287		496,040
Additions	115,090		28,472		143,563
Reversals	(76,762	)	(59,436	)	(136,198	)
Write-offs	(26,614	)	(7,940	)	(34,554	)
Balance as of December 31, 2023	334,467		134,383		468,850
Additions	114,691		31,931		146,622
Reversals	(85,549	)	(37,126	)	(122,675	)
Write-offs	(17,874	)	(2,329	)	(20,203	)
Balance as of December 31, 2024	345,735		126,859		472,594
Additions	201,054		113,550		314,604
Reversals	(163,238	)	(97,417	)	(260,655	)
Write-offs	(47,994	)	(8,639	)	(56,633	)
Opening balance – acquisition of subsidiaries(i)	16,915		‐		16,915
Balance as of December 31, 2025	352,472		134,353		486,825

(i)	The total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The table below presents information on credit risk exposure, resulting from balances of trade receivables and reseller financing.

	12/31/2025			12/31/2024
	Weighted average rate of expected losses	Gross accounting balance	Allowance for expected credit losses	Weighted average rate of expected losses	Gross accounting balance	Allowance for expected credit losses
Current	0.51%	4,492,797	23,081	0.55%	4,289,620	23,517
Less than 30 days	1.57%	132,614	2,082	3.14%	141,756	4,452
31-60 days	8.06%	33,539	2,702	20.26%	40,402	8,186
61-90 days	13.17%	25,671	3,380	14.96%	27,360	4,093
91-180 days	21.73%	71,225	15,480	30.37%	57,289	17,396
More than 180 days	52.25%	842,235	440,100	54.49%	761,460	414,950
		5,598,081	486,825		5,317,887	472,594

6. Inventories

Accounting policy

Inventories 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.

At 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.

	12/31/2025	12/31/2024
Fuels, lubricants and greases	3,395,951	3,009,100
Raw materials	313,445	373,544
Purchase for future delivery ⁽¹⁾	102,985	255,001
Consumable materials and other items for resale	292,054	129,539
Liquefied petroleum gas - LPG	120,537	128,098
Properties for resale	19,192	21,794
	4,244,164	3,917,076

(1)	Refers substantially to ethanol, biodiesel and advances for fuel acquisition.

Movements in the provision for inventory losses are as follows:

	12/31/2025		12/31/2024		12/31/2023
Opening balance	3,920		7,031		21,926
Addition to provision for obsolescence and other losses	4,191		-		-
Reversal of provision for obsolescence and other losses	(2,386	)	(4,791	)	(8,301	)
Addition to provision for adjustment to realizable value	8,104		1,680		-
Reversal of provision for adjustment to realizable value	(1,428	)	-		(6,594	)
Closing balance	12,401		3,920		7,031

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

7. Recoverable taxes and recoverable income and social contributions taxes

a. Recoverable taxes

Recoverable 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”).

	12/31/2025	12/31/2024
ICMS - State VAT (a.1)	1,394,916	1,416,708
PIS and COFINS - Federal VAT (a.2)	3,863,682	3,172,417
Others	144,643	101,152
Total	5,403,241	4,690,277
Current	1,685,426	2,040,008
Non-current	3,717,815	2,650,269

a.1 The recoverable ICMS net of provision for losses is substantially related to the following operations:

Tax 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.

In 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).

The 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.

	12/31/2025
Up to 1 year	384,458
From 1 to 2 years	462,422
From 2 to 3 years	304,872
From 3 to 5 years	208,721
Above 5 years	34,443
Total recoverable ICMS, net of provision	1,394,916

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The 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.

a.2 The recoverable PIS and COFINS are substantially related to:

ICMS 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.

In 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.

Supplementary 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.

The 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.

Management estimates the realization of these credits within up to 5 years from the constitution date, as follows:

	12/31/2025
Up to 1 year	1,156,563
From 1 to 2 years	920,585
From 2 to 3 years	713,582
From 3 to 5 years	1,072,952
Total recoverable PIS and COFINS	3,863,682

b. Recoverable income and social contribution taxes

Relates 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

8. Related parties

a. Related parties

Balances 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:

	Assets		Liabilities		Operating result - Sales/(Purchases)
	12/31/2025	12/31/2024	12/31/2025	12/31/2024	12/31/2025		12/31/2024		12/31/2023
Transactions with subsidiaries and joint ventures
Transactions with joint ventures
Refinaria de Petróleo Riograndense S.A.	2	‐	11,156	9,846	(726,418	)	(457,885	)	(510,510	)
Latitude Logística Portuária S.A.	4,620	10,862	49	‐	‐		‐		-
Navegantes Logística Portuária S.A.	90,850	29,406	‐	‐	‐		‐		-
Hidrovias do Brasil S.A.	‐	416	‐	‐	‐		‐		-
Obrinel S.A.	1,618	‐	‐	‐	‐		‐		-
Others	11,349	7,943	3,968	2,875	419		851		571
Transactions with other related parties
Chevron Oronite Brasil Ltda. ⁽¹⁾	2,847	‐	34,460	13,434	(241,586	)	(195,925	)	(175,053	)
Chevron Products Company ⁽¹⁾	‐	‐	188,578	159,432	(638,568	)	(745,812	)	(370,137	)
Others	3,218	8,760	1,726	1,449	(228	)	(3,718	)	(13,157	)
Total	114,504	57,387	239,937	187,036	(1,606,381	)	(1,402,489	)	(1,068,286	)
Trade receivables (Note 5)	9,288	8,662	‐	‐	‐		‐		-
Other receivables	20	416	‐	‐	‐		‐		-
Trade payables (Note 16)	‐	‐	237,062	183,520	‐		‐		-
Related parties	105,196	48,309	2,875	3,516	‐		‐		-
Sales and services provided	‐	‐	‐	‐	49,972		21,125		14,779
Purchases	‐	‐	‐	‐	(1,656,353	)	(1,423,614	)	(1,083,065	)

(1)	Non-controlling shareholders and other related parties of Iconic.

Purchase 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.

b. Key executives

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The expenses for compensation of its key executives (Company’s directors and executive officers) are shown below:

	12/31/2025	12/31/2024	12/31/2023
Short-term compensation	41,181	51,814	54,396
Stock compensation	74,349	62,952	35,165
Post-employment benefits	3,592	4,767	4,206
Termination benefits	-	-	1,007
Total	119,122	119,533	94,774

c. Stock plan

2017 Plan

On 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.

As 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.

At 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.

2023 Plan

The 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.

As 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.

2025 Plan - Hidrovias

On June 23, 2025, Hidrovias’ Board of Directors approved the 2025 Plan, a long-term restricted share-based incentive plan to Management and eligible employees.

On 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.

Executives 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The table below summarizes the restricted and performance stock programs under the 2017 Plan and the 2023 Plan, and the 2025 Plan (Hidrovias):

Company	Program	Grant date	Number of shares granted (Quantity)	Vesting period	Fair value of shares on the grant date (in R$)	Total exercisable grant costs, including taxes (in R$ thousands)	Accumulated recognized exercisable grant costs (in R$ thousands)		Unrecognized exercisable grant costs (in R$ thousands)
Ultrapar	Restricted	September 16, 2020	140,000	2026	23.03	5,464	(4,857	)	607
Ultrapar	Restricted	September 22, 2021	1,000,000	2027	14.17	24,093	(18,616	)	5,477
Ultrapar	Restricted	September 21, 2022	2,640,000	2032	12.98	64,048	(20,771	)	43,277
Ultrapar	Restricted	December 7, 2022	1,500,000	2032	13.47	37,711	(11,631	)	26,080
Ultrapar	Restricted	April 20, 2023	1,117,425	2026	14.50	30,418	(27,638	)	2,780
Ultrapar	Performance	April 20, 2023	1,146,186	2026	14.50	31,466	(28,687	)	2,779
Ultrapar	Restricted	September 20, 2023	3,700,000	2033	18.75	129,322	(30,220	)	99,102
Ultrapar	Restricted	April 17, 2024	3,444,789	2027 to 2029	26.94	175,894	(72,459	)	103,435
Ultrapar	Restricted	June 19, 2024	60,683	2027	21.47	2,468	(1,234	)	1,234
Ultrapar	Restricted	October 1, 2024	1,295,000	2034	23.10	55,785	(6,973	)	48,812
Ultrapar	Restricted	April 3, 2025	4,558,462	2027 to 2028	17.78	153,500	(31,076	)	122,424
Ultrapar	Restricted	November 13, 2025	750,000	2035	22.84	32,430	(541	)	31,889
			21,352,545			742,599	(254,703	)	487,896
Hidrovias	Restricted	July 1, 2025	1,244,523	2028	3.55	4,961	(828	)	4,133
			1,244,523			4,961	(828	)	4,133

	Ultrapar
Number of shares as of December 31, 2022	8,934,704
Shares granted during the year	6,930,871
Cancellation of granted shares due to termination of executive employment	(583,180	)
Shares transferred (vesting)	(447,800	)
Number of shares as of December 31, 2023	14,834,595
Shares granted during the year	5,061,396
Cancellation of granted shares due to termination of executive employment	(139,105	)
Shares transferred (vesting)	(1,235,182	)
Number of shares as of December 31, 2024	18,521,704
Ultrapar shares granted during the year	5,351,177
Cancellation of Ultrapar shares due to termination of executive	(209,432	)
Ultrapar shares transferred (vesting)	(2,310,904	)
Number of shares as of December 31, 2025	21,352,545

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

	Hidrovias
Number of shares as of December 31, 2024	-
Hidrovias shares granted during the year	1,244,523
Number of shares as of December 31, 2025	1,244,523

The 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).

For all Ultrapar’s plans, settlements are made only with the delivery of treasury shares.

9. Income and social contribution taxes

Accounting policy

Current 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.

Deferred 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.

For purposes of disclosure, deferred tax assets were offset against deferred tax liabilities, in the same taxable entity.

On 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.

In 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

a. Deferred income (IRPJ) and social contribution taxes (CSLL)

	12/31/2025		12/31/2024
Assets - Deferred income and social contribution taxes on:
Provision for losses with assets	43,763		41,467
Provisions for tax, civil and labor risks	149,635		188,495
Provision for post-employment benefits	73,698		76,166
Provision for differences between cash and accrual basis ⁽ⁱ⁾	89,166		19,483
Goodwill	32,747		10,317
Provision for asset retirement obligation	12,593		13,472
Operating provisions	61,311		60,120
Provision for profit sharing and bonus	97,240		76,880
Leases payable	583,232		499,988
Provision for deferred revenue	710		450
Acquisition of shares from shareholders	82,128		-
Other temporary differences	193,988		115,753
Tax losses and negative basis for social contribution carryforwards	529,868		510,780
Total	1,950,079		1,613,371
Offsetting liability balance	(942,788	)	(676,430	)
Net balances presented in assets	1,007,291		936,941
Liabilities - Deferred income and social contribution taxes on:
Leases payable	484,879		406,173
Provision for differences between cash and accrual basis ⁽ⁱ⁾	268,466		194,846
Change in fair value of subscription warrants	2,127		7,611
Goodwill on investments	28,480		28,771
Business combination - fair value of assets	573,793		52,781
Provision for indemnification	88,854		14,063
Other temporary differences	134,086		105,010
Total	1,580,685		809,255
Offsetting asset balance	(942,788	)	(676,430	)
Net balances presented in liabilities	637,897		132,825

(i)	refers mainly to the income and social contribution taxes on foreign exchange variation of the derivative instruments.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Changes in the net balance of deferred IRPJ and CSLL are as follows:

Balance as of December 31, 2022	897,936
Deferred IRPJ and CSLL recognized in profit (loss) for the year	335,375
Deferred IRPJ and CSLL recognized in other comprehensive income	21,474
Others	143
Balance as of December 31, 2023	1,254,928
Deferred IRPJ and CSLL recognized in profit (loss) for the year	(360,953	)
Deferred IRPJ and CSLL recognized on company acquisition	(71,815	)
Deferred IRPJ and CSLL recognized in other comprehensive income	(18,178	)
Others	134
Balance as of December 31, 2024	804,116
Deferred IRPJ and CSLL recognized in profit (loss) for the year	(8,892	)
Deferred IRPJ and CSLL recognized in profit (loss) for the year - discontinued operations	10,175
Deferred IRPJ and CSLL recognized on company acquisition ⁽¹⁾	74,730
Deferred IRPJ and CSLL recognized on business combinations	(581,271	)
Deferred IRPJ and CSLL recognized in equity	70,536
Balance as of December 31, 2025	369,394

(1)	On May 8, 2025, the Company acquired the control and began to consolidate Hidrovias. For further details, see Note 27.b.

The 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.

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

b. Reconciliation of income and social contribution taxes in the statement of income

IRPJ and CSLL are reconciled to the statutory tax rates as follows:

	12/31/2025		12/31/2024		12/31/2023
Income before taxes	3,811,909		4,011,517		3,578,695
Statutory tax rates - %	34		34		34
Income and social contribution taxes at the statutory tax rates	(1,296,049	)	(1,363,916	)	(1,216,756	)
Adjustment to the statutory income and social contribution taxes:
Nondeductible expenses	(65,891	)	(14,729	)	(11,535	)
Nontaxable revenues ⁽ⁱ⁾	231,440		26,755		114,981
Adjustment to estimated income	13,887		1,807		2,173
Unrecorded deferred income and social contribution tax loss carryforwards	(134,489	)	(205,794	)	(36,227	)
Share of profit (loss) of subsidiaries, joint ventures and associates	(22,612	)	(44,090	)	4,049
Interest on equity between subsidiaries	12,715		35,901		-
Difference of rate in the measurement of taxes ⁽ⁱⁱ⁾	39,062		‐		‐
Other adjustments	56,918		(15,861	)	(26,666	)
Income and social contribution taxes before tax incentives	(1,165,019	)	(1,579,927	)	(1,169,981	)
Tax incentives – SUDENE ⁽ⁱⁱⁱ⁾	101,330		94,310		109,039
Income and social contribution taxes in the statement of income	(1,063,689	)	(1,485,617	)	(1,060,942	)
Current	(1,054,797	)	(1,124,664	)	(1,396,317	)
Deferred	(8,892	)	(360,953	)	335,375
Effective IRPJ and CSLL rates - %	27.9		37.0		29.6

(i)	Consist 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).
(ii)	Refers to differences in applicable tax rates in the countries where the Company’s subsidiaries operate.
(iii)	Certain 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

c. Tax losses and negative basis for social contribution carryforwards

As 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.

The balances comprising deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:

	12/31/2025	12/31/2024
Oil Trading	68,920	77,155
Ultrapar	43,188	51,339
Ipiranga	300,409	300,409
Ultracargo Soluções Logística	42,808	33,553
Hidrovias do Brasil – Holding S.A	29,149	‐
Others	45,394	48,324
	529,868	510,780

The balances which are not constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution are as follows:

	12/31/2025	12/31/2024
Neogás	45,143	45,286
Integra Frotas	33,730	18,927
Stella	33,073	15,686
Millennium	14,440	11,650
Abastece aí	156,570	126,900
Hidrovias do Brasil – Holding S.A	139,914	‐
Hidrovias do Brasil – Administração Portuária de Santos	40,005	‐
Others	9,897	6,374
	472,772	224,823

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

10. Contractual assets with customers - exclusivity rights

Refers 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.

Changes are shown below:

	12/31/2025		12/31/2024		12/31/2023
Opening balance	2,131,902		2,262,508		2,205,591
Additions	522,960		424,477		664,363
Amortization	(469,766	)	(555,083	)	(607,446	)
Closing balance	2,185,096		2,131,902		2,262,508

Current	666,109		658,571		787,206
Non-current	1,518,987		1,473,331		1,475,302

11. Investments in subsidiaries, joint ventures and associates

Accounting policy

Investments 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.

Investments 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.

Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The table below presents the positions of equity and income (loss) for the year by company:

	Equity		Income (loss) for the year		Interest in share capital - %	Investment (Provision for loss on investment)				Share of profit (loss) of subsidiaries, joint ventures and associates
	Equity		Income (loss) for the year		Interest in share capital - %	12/31/2025		12/31/2024		2025		2024		2023
Joint ventures
União Vopak – Armazéns Gerais Ltda.	(849	)	(1,389	)	50.00	(425	)	270		(695	)	(730	)	7,694
Refinaria de Petróleo Riograndense S.A.	(219,695	)	(235,921	)	33.14	(72,803	)	2,015		(78,304	)	(27,537	)	7,668
Latitude Logística Portuária S.A.	7,625		3,176		50.00	3,813		2,225		1,588		(3,777	)	(1,636	)
Navegantes Logística Portuária S.A.	(7,142	)	(29,234	)	33.33	(2,381	)	7,364		(9,745	)	(8,472	)	(7,413	)
Nordeste Logística I S.A.	9,454		(9,510	)	33.33	3,151		5,959		(3,170	)	(171	)	730
Nordeste Logística II S.A.	53,525		(2,822	)	33.33	17,842		18,782		(940	)	1,566		(2,199	)
Nordeste Logística III S.A.	54,552		(422	)	33.33	18,184		18,330		(140	)	493		967
Química da Bahia Indústria e Comércio S.A.	7,998		1,327		50.00	3,999		3,319		663		(159	)	(42	)
Terminal de Combustíveis Paulínia S.A. ("Opla")	168,095		7,068		50.00	84,047		59,694		3,534		4,162		4,071
Limday S.A.	30,666		6,049		44.55	13,662		‐		2,695		‐		-
Obrinel S.A.	205,810		51,073		49.00	100,847		‐		25,026		‐		-
Baden S.A.	19,825		(1,737	)	50.00	9,912		‐		(869	)	‐		-
Other investments	‐		‐		‐	436		281		‐		‐		-
Associates
Hidrovias do Brasil S.A. ⁽ⁱ⁾	2,162,052		(247,290	)	44.51	‐		504,629		(96,480	)	(94,842	)	-
Transportadora Sulbrasileira de Gás S.A.	14,559		2,928		25.00	3,640		3,498		733		1,704		2,043
Metalúrgica Plus S.A.	(1,351	)	(306	)	33.33	(450	)	(349	)	(102	)	(91	)	(99	)
Plenogás Distribuidora de Gás S.A.	1,356		619		33.33	452		1,041		207		672		124
Other investments	‐		‐		‐	37		41		‐		‐		-
Goodwill on investments
Terminal de Combustíveis Paulínia S.A. ("Opla")	‐		‐		‐	117,306		117,306		‐		‐		-
Hidrovias do Brasil S.A. ⁽ⁱ⁾	‐		‐		‐	‐		775,044		‐		‐		-
Limday S.A.	‐		‐		‐	7,390		‐		‐		‐		-
Fair value adjustment on investments
Terminal de Combustíveis Paulínia S.A. ("Opla")	‐		‐		‐	37,225		38,835		(1,611	)	(2,493	)	-
Concession Agreement - Baloto	‐		‐		‐	4,163		‐		‐		‐		-
Advances for investments
Advances for investments - Pão de Açúcar Group stations ⁽ⁱⁱ⁾	‐		‐		‐	59,403		90,000		‐		‐		-
Advances for investments - Virtu GNL ⁽ⁱⁱⁱ⁾	‐		‐		‐	30,000		‐		‐		‐		-
Advances for investments - Blustone	‐		‐		‐	5,872		‐		‐		‐		-
Advances for future capital increase
Hidrovias do Brasil S.A. ⁽ⁱ⁾	‐		‐		‐	‐		500,000		‐		‐		-
Total (A)						445,322		2,148,284		(157,610	)	(129,675	)	11,908
Total provision for loss on investment (B)						(76,059	)	(349	)
Total investments (A-B)						521,381		2,148,633

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

(i)	On 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.
(ii)	The amount refers to the advance for the acquisition of Pão de Açúcar Group service stations by subsidiary Centro de Conveniências Millenium Ltda.
(iii)	The amount refers to the advance for the acquisition of a 37.5% interest in Virtu GNL Participações S.A by subsidiary UVC Investimentos Ltda.

The financial position and income of subsidiaries which have relevant non-controlling interests is shown below:

	Proportion of interest in share capital and voting rights held by non-controlling interests		Equity attributable to non-controlling interests		Income allocated to non-controlling interests for the year
	12/31/2025	12/31/2024	12/31/2025	12/31/2024	2025		2024	2023
Subsidiaries	%	%
Hidrovias do Brasil S.A. ⁽ⁱ⁾	41%	-	1,390,560	‐	(105,067	)	‐	-
Iconic Lubrificantes S.A. ⁽ⁱ⁾	44%	44%	407,379	484,986	137,810		135,428	72,505
Ultragaz Comercializadora de Energia Ltda. ⁽ⁱ⁾	48%	48%	148,927	116,249	47,363		25,082	-
Other investments	-	-	117,479	63,491	7,949		2,650	5,453
			2,064,345	664,726	88,055		163,160	77,958

(i)	Considers the effects of allocation of fair value adjustments related to non-controlling interests.

The 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.

	Joint ventures
	RPR					Opla		Obrinel
	12/31/2025		12/31/2024		12/31/2023	12/31/2024	12/31/2023	12/31/2025
Total assets	671,468		1,069,063		844,959	182,810	190,626	788,270
Total liabilities	891,163		1,062,982		717,926	63,422	82,315	582,460
Equity	(219,695	)	6,081		127,033	119,388	108,311	205,810
Net revenue	2,054,242		2,177,747		2,954,931	60,281	35,117	103,845
Net income (loss) for the year	(235,921	)	(83,097	)	20,899	8,324	8,141	51,073

Number of shares or units held	1,719,491		1,489		5,078,888	16,957,908	33,915,815	661,904,939
Interest in share capital - %	33		50		33.14	50	50.00	49

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Balances and changes in investments in subsidiaries, joint ventures and associates are as follows:

	Joint ventures		Associates		Advances		Advances for future capital increase		Other investments		Total
Balance as of December 31, 2022 ⁽ⁱ⁾	106,843		4,384		-		-		-		111,227
Share of profit (loss) of subsidiaries, joint ventures and associates ^(*)	9,840		2,068		-		-		-		11,908
Dividends	(11,072	)	(2,200	)	-		-		-		(13,272	)
Equity instrument granted ⁽ⁱⁱ⁾	899		‐		-		-		-		899
Acquisition of Terminal de Combustíveis Paulínia S.A. ("Opla")	210,096		‐		-		-		-		210,096
Capital decrease	(3,100	)	‐		-		-		-		(3,100	)
Other movements	342		‐		-		-		-		342
Balance as of December 31, 2023 ⁽ⁱ⁾	313,848		4,252		‐		‐		‐		318,100
Share of profit (loss) of subsidiaries, joint ventures and associates ^(*)	(34,625	)	(92,557	)	‐		‐		‐		(127,182	)
Amortization of fair value adjustments	(2,493	)	‐		‐		‐		‐		(2,493	)
Dividends	‐		(1,196	)	‐		‐		‐		(1,196	)
Equity instrument granted ⁽ⁱⁱ⁾	‐		1,540		‐		‐		‐		1,540
Accumulated other comprehensive income	(2,427	)	37,458		‐		‐		‐		35,031
Capital increase in cash	‐		42,985		‐		‐		‐		42,985
Capital decrease in shares	(522	)	‐		‐		‐		‐		(522	)
Advances for investments - GPA stations	‐		‐		90,000		‐		‐		90,000
Acquisition of shares of Hidrovias do Brasil S.A.	‐		647,201		‐		‐		‐		647,201
Transfers of financial assets to investments ⁽ⁱⁱⁱ⁾	‐		645,333		‐		‐		‐		645,333
Advance for future capital	‐		-		‐		500,000		‐		500,000
Other movements	599		(1,112	)	‐		‐		‐		(513	)
Balance as of December 31, 2024 ⁽ⁱ⁾	274,380		1,283,904		90,000		500,000		‐		2,148,284
Share of profit (loss) of subsidiaries, joint ventures and associates ^(*)	(60,357	)	(95,642	)	‐		‐		‐		(155,999	)
Amortization of fair value adjustments	(1,611	)	‐		‐		‐		‐		(1,611	)
Dividends	(8,057	)	(591	)	‐		‐		‐		(8,648	)
Accumulated other comprehensive income	1,061		7,722		‐		‐		‐		8,783
Translation adjustments of foreign subsidiaries	(3,612	)	‐		‐		‐		(271	)	(3,883	)
Advances for future capital increase and capital contribution	20,819		‐		‐		‐		‐		20,819
Advances for investments - GPA stations	‐		‐		(30,597	)	‐		‐		(30,597	)
Advances for investments - Virtu GNL ^(iv)	‐		‐		30,000		‐		‐		30,000
Advances for investments – Blustone	‐		‐		5,872		‐		‐		5,872
Acquisition of shares	-		273,325		-		-		-		273,325
Acquisition of control of Hidrovias do Brasil S.A. ^(v)	117,276		(1,461,946	)	‐		(500,000	)	4,434		(1,840,236	)
Other movements	2,306		(3,093	)	‐		‐		‐		(787	)
Balance as of December 31, 2025 ⁽ⁱ⁾	342,205		3,679		95,275		‐		4,163		445,322

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

(*)	Adjusted for unrealized profits between subsidiaries.
(i)	Investments in subsidiaries, joint ventures and associates net of provision for loss on investment.
(ii)	Amounts refer to grants of long-term incentives in subsidiaries Ultra Mobilidade, Companhia Ultragaz, Ultracargo Logística and Ultra Logística.
(iii)	Reclassification 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.
(iv)	The amount refers to the advance for the acquisition of a 37.5% interest in Virtu GNL Participações S.A by subsidiary UVC Investimentos Ltda.
(v)	Amounts 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.

12. Right-of-use assets and leases payable

Accounting policy

The 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.

The 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.

The 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.

For 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.

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

a. Right-of-use assets

	Weighted average useful life (years)	Balance as of December 31, 2024		Additions and remeasurement	Write-offs		Transfers ⁽ⁱ⁾		Translation adjustment		Amortization		Opening balance – Acquisition of subsidiaries ⁽ⁱⁱ⁾		Balance as of December 31, 2025
Cost:
Real estate	8	1,987,115		180,352	(261,618	)	(621,148	)	(270	)	‐		223,077		1,507,508
Port areas	28	343,739		36,014	(491	)	632,509		‐		‐		113,132		1,124,903
Vehicles	4	357,094		151,955	(88,722	)	(3,646	)	(53	)	‐		2,855		419,483
Equipment	2	33,645		28,523	(2,180	)	(23,960	)	‐		‐		21,448		57,476
Vessels	8	‐		‐	(52,220	)	7,848		(3,125	)	‐		129,300		81,803
Others	10	27,846		3,914	‐		21,499		‐		‐		‐		53,259
		2,749,439		400,758	(405,231	)	13,102		(3,448	)	‐		489,812		3,244,432
Accumulated amortization:
Real estate	‐	(823,733	)	‐	188,340		120,476		83		(169,104	)	(42,249	)	(726,187	)
Port areas	‐	(52,692	)	‐	480		(130,882	)	‐		(45,807	)	(38,755	)	(267,656	)
Vehicles	‐	(169,836	)	‐	70,925		6,300		9		(115,029	)	(927	)	(208,558	)
Equipment	‐	(6,007	)	‐	1,667		2,275		‐		(15,864	)	(15,346	)	(33,275	)
Vessels	‐	‐		‐	32,501		(5,612	)	1,707		(17,543	)	(60,604	)	(49,551	)
Others	‐	(25,847	)	‐	‐		(882	)	‐		(3,782	)	‐		(30,511	)
		(1,078,115	)	‐	293,913		(8,325	)	1,799		(367,129	)	(157,881	)	(1,315,738	)
Right-of-use assets		1,671,324		400,758	(111,318	)	4,777		(1,649	)	(367,129	)	331,931		1,928,694

(i)	Refers to a transfer received from property, plant and equipment - construction in progress, in the amount of R$ 4,777.
(ii)	The total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

	Weighted average useful life (years)	Balance as of December 31, 2023		Additions and remeasurement ⁽ⁱ⁾	Write-offs		Transfers ⁽ⁱⁱ⁾		Amortization		Balance as of December 31, 2024
Cost:
Real estate	9	1,998,866		196,194	(207,945	)	‐		‐		1,987,115
Port areas	32	314,964		2,025	‐		26,750		‐		343,739
Vehicles	3	270,388		143,043	(56,337	)	‐		‐		357,094
Equipment	3	38,278		5,958	(10,591	)	‐		‐		33,645
Others	20	27,846		‐	‐		‐		‐		27,846
		2,650,342		347,220	(274,873	)	26,750		‐		2,749,439
Accumulated amortization:
Real estate	‐	(753,198	)	‐	131,716		(4,402	)	(197,849	)	(823,733	)
Port areas	‐	(44,620	)	‐	‐		-		(8,072	)	(52,692	)
Vehicles	‐	(109,967	)	‐	35,669		‐		(95,538	)	(169,836	)
Equipment	‐	(5,184	)	‐	9,778		‐		(10,601	)	(6,007	)
Others	‐	(25,847	)	‐	‐		‐		-		(25,847	)
		(938,816	)	‐	177,163		(4,402	)	(312,060	)	(1,078,115	)
Right-of-use assets		1,711,526		347,220	(97,710	)	22,348		(312,060	)	1,671,324

(i)	Considers R$ 342,332 referring to additions and remeasurements between right-of-use assets and leases payable.
(ii)	Refers 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.

	Weighted average useful life (years)	Balance as of 12/31/2022		Additions and remeasurement (i)	Write-offs		Transfers (ii)		Amortization		Acquisition of subsidiary (iii)		Balance as of 12/31/2023
Cost:
Real estate	10	2,019,898		140,245	(165,551	)	‐		‐		4,274		1,998,866
Port areas	29	311,174		3,790	‐		‐		‐		‐		314,964
Vehicles	4	186,455		120,705	(71,781	)	‐		‐		35,009		270,388
Equipment	5	26,345		12,910	(1,973	)	‐		‐		996		38,278
Others	20	27,846		‐	‐		‐		‐		‐		27,846
		2,571,718		277,650	(239,305	)	‐		‐		40,279		2,650,342
Accumulated amortization:
Real estate	‐	(634,688	)	‐	95,896		(4,491	)	(209,522	)	(393	)	(753,198	)
Port areas	‐	(36,773	)	‐	‐		‐		(7,847	)	‐		(44,620	)
Vehicles	‐	(83,902	)	‐	63,708		‐		(80,661	)	(9,112	)	(109,967	)
Equipment	‐	(2,850	)	‐	1,974		‐		(4,151	)	(157	)	(5,184	)
Others	‐	(22,128	)	‐	‐		‐		(3,719	)	‐		(25,847	)
		(780,341	)	‐	161,578		(4,491	)	(305,900	)	(9,662	)	(938,816	)
Net amount		1,791,377		277,650	(77,727	)	(4,491	)	(305,900	)	30,617		1,711,526

(i)	Considers R$ 257,201 referring to additions and remeasurements between right-of-use assets and leases payable.
(ii)	Refers to the amortization of the right of use, which is being capitalized as Construction in progress until the beginning of its operation.
(iii)	For further information, see Note 27.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

b. Leases payable

The changes in leases payable are shown below:

	12/31/2025		12/31/2024		12/31/2023
Opening balance	1,485,152		1,523,934		1,523,769
Interest accrued	153,247		133,767		143,005
Payments of leases and interest	(480,722	)	(433,488	)	(359,113	)
Additions and remeasurement	400,758		342,332		257,201
Write-offs	(104,637	)	(81,393	)	(71,569	)
Opening balance - acquisition of subsidiaries ⁽ⁱ⁾	287,589		-		30,641
Monetary variations and foreign exchange variations	(1,754	)	-		-
Closing balance	1,739,633		1,485,152		1,523,934
Current	343,725		316,460		311,426
Non-current	1,395,908		1,168,692		1,212,508

(i)	The total amounts of acquisitions made by the Company in 2025 are substantially related to Hidrovias do Brasil (see Note 27.b).

The undiscounted future cash outflows are presented below:

	12/31/2025	12/31/2024
Up to 1 year	483,696	355,336
1 to 2 years	339,415	282,945
2 to 3 years	265,036	240,984
3 to 4 years	220,813	188,002
4 to 5 years	172,465	158,559
More than 5 years	1,246,359	891,997
Total	2,727,784	2,117,823

The contracts of leases payable are substantially indexed by the IGP-M.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

b.1. Discount rates

The weighted nominal average discount rates for the lease contracts of the Company are:

Contracts by maturity date and discount rate
Maturity dates of the contracts	Rate (% p.a.)
From 1 to 5 years	11.78%
From 6 to 10 years	11.16%
From 11 to 15 years	10.95%
More than 15 years	10.56%

c. Lease contracts of low-value assets and short-term leases

	Up to 1 year	Between 1 and 5 years	Total
12/31/2025	8,825	9,191	18,016
12/31/2024	8,022	2,637	10,659

The 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).

13. Property, plant, and equipment

Accounting policy

Property, 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.

Depreciation 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

	Weighted average useful life (years)	Balance as of December 31, 2024		Additions	Depreciation		Transfers (i)		Write-offs		Translation adjustment		Opening balance – acquisition of subsidiaries (ii)		Balance as of December 31, 2025
Cost:
Land	-	609,624		5,626	‐		455		(19,255	)	-		204,984		801,434
Buildings	25	1,745,097		52,256	‐		90,162		(23,809	)	-		737,124		2,600,830
Leasehold improvements	15	1,415,342		48,630	‐		114,368		(95,624	)	(2,416	)	239,373		1,719,673
Machinery and equipment	12	3,758,370		192,271	‐		663,739		(316,969	)	(1,351	)	696,873		4,992,933
Automotive fuel/lubricant distribution equipment and facilities	15	3,199,426		72,100	‐		206,998		(147,777	)	‐		1,976		3,332,723
Push boats, barges, ships	18	‐		25,597	‐		52,842		‐		(104,287	)	4,141,734		4,115,886
LPG tanks and bottles	8	1,085,787		88,927	‐		24,082		(44,668	)	‐		11,618		1,165,746
Vehicles	6	395,885		28,775	‐		2,458		(41,863	)	(17	)	31,099		416,337
Furniture and fixtures	9	221,572		17,835	‐		(3,438	)	(12,808	)	(15	)	5,141		228,287
IT equipment	5	321,250		23,822	‐		14,903		(23,891	)	(85	)	40,200		376,199
Construction in progress	-	1,347,892		1,064,544	‐		(1,146,389	)	(5,909	)	(456	)	236,654		1,496,336
Advances to suppliers	-	44,966		18,445	‐		(42,006	)	(7	)	‐		(59	)	21,339
Imports in progress	-	3,128		4,565	‐		(3,128	)	‐		‐		‐		4,565
		14,148,339		1,643,393	‐		(24,954	)	(732,580	)	(108,627	)	6,346,717		21,272,288
Accumulated depreciation:
Buildings	‐	(558,622	)	‐	(93,027	)	(4,370	)	10,768		-		(227,469	)	(872,720	)
Leasehold improvements	‐	(748,916	)	‐	(77,318	)	(216	)	92,438		921		(55,574	)	(788,665	)
Machinery and equipment	‐	(2,347,962	)	‐	(282,345	)	(466	)	306,344		264		(401,695	)	(2,725,860	)
Automotive fuel/lubricant distribution equipment and facilities	‐	(2,122,684	)	‐	(135,236	)	9,913		140,403		‐		(8	)	(2,107,612	)
Push boats, barges, ships	‐	‐		‐	(119,248	)	6		‐		33,528		(1,139,101	)	(1,224,815	)
LPG tanks and bottles	‐	(670,068	)	‐	(97,768	)	(7,968	)	38,451		‐		(1,076	)	(738,429	)
Vehicles	‐	(154,622	)	‐	(39,411	)	(1,206	)	9,328		19		(17,833	)	(203,725	)
Furniture and fixtures	‐	(142,493	)	‐	(16,614	)	(510	)	9,245		3		(1,362	)	(151,731	)
IT equipment	‐	(265,675	)	‐	(28,755	)	837		23,170		(79	)	(20,949	)	(291,451	)
		(7,011,042	)	‐	(889,722	)	(3,980	)	630,147		34,656		(1,865,067	)	(9,105,008	)
Provision for impairment losses		(1,331	)	‐	‐		‐		1,148		‐		‐		(183	)
Property, plant and equipment, net		7,135,966		1,643,393	(889,722	)	(28,934	)	(101,285	)	(73,971	)	4,481,650		12,167,097

(i)	Refers to transfers of R$ 24,157 to intangible assets and R$ 4,777 to right-of-use assets.
(ii)	The total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

	Weighted average useful life (years)	Balance as of December 31, 2023		Additions		Depreciation		Transfers (i)		Write-offs		Acquisition of subsidiaries		Balance as of December 31, 2024
Cost:
Land	-	607,152		12,968		‐		5,073		(15,569	)	-		609,624
Buildings	31	1,646,996		8,904		‐		149,065		(61,770	)	1,902		1,745,097
Leasehold improvements	15	1,292,998		37,867		‐		99,777		(15,300	)	-		1,415,342
Machinery and equipment	11	3,530,184		143,782		‐		99,603		(16,382	)	1,183		3,758,370
Automotive fuel/lubricant distribution equipment and facilities	14	3,361,637		80,317		‐		70,966		(327,319	)	13,825		3,199,426
LPG tanks and bottles	8	1,006,398		116,503		‐		-		(37,114	)	-		1,085,787
Vehicles	8	371,434		111,735		‐		(29,884	)	(62,657	)	5,257		395,885
Furniture and fixtures	8	212,640		12,649		‐		(154	)	(3,965	)	402		221,572
IT equipment	5	318,721		12,259		‐		(5,950	)	(3,780	)	-		321,250
Construction in progress	-	783,496		1,022,967		‐		(455,740	)	(2,831	)	‐		1,347,892
Advances to suppliers	-	32,557		19,834		‐		(6,558	)	(867	)	‐		44,966
Imports in progress	-	3,107		3,127		‐		(3,106	)	‐		‐		3,128
		13,167,320		1,582,912		‐		(76,908	)	(547,554	)	22,569		14,148,339
Accumulated depreciation:
Buildings	‐	(536,518	)	‐		(54,110	)	4,126		28,014		(134	)	(558,622	)
Leasehold improvements	‐	(683,187	)	‐		(75,957	)	1,798		8,430		-		(748,916	)
Machinery and equipment	‐	(2,147,842	)	‐		(208,103	)	1,776		6,612		(405	)	(2,347,962	)
Automotive fuel/lubricant distribution equipment and facilities	‐	(2,238,843	)	‐		(164,248	)	(7,870)		289,359		(1,082	)	(2,122,684	)
LPG tanks and bottles	‐	(605,298	)	‐		(92,219	)	-		27,449		-		(670,068	)
Vehicles	‐	(181,511	)	‐		(35,066	)	35,776		26,792		(613	)	(154,622	)
Furniture and fixtures	‐	(130,117	)	‐		(15,718	)	642		2,784		(84	)	(142,493	)
IT equipment	‐	(254,952	)	‐		(22,246	)	8,136		3,387		-		(265,675	)
		(6,778,268	)	‐		(667,667	)	44,384		392,827		(2,318	)	(7,011,042	)
Provision for impairment losses		(1,471	)	(21	)	‐		‐		161		‐		(1,331	)
Property, plant and equipment, net		6,387,581		1,582,891		(667,667	)	(32,524	)	(154,566	)	20,251		7,135,966

(i)	The remaining balance refers to R$ 22,348 transferred to right-of-use assets and R$ 10,176 transferred to intangible assets.

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Notes to the financial statements
For the year ended December 31, 2025

	Weighted average useful life (years)	Balance as of 12/31/2022		Additions		Depreciation		Transfers (i)		Write-offs		Acquisition of subsidiaries		Balance as of 12/31/2023
Cost:
Land	-	619,116		1,053		‐		3,316		(16,369	)	36		607,152
Buildings	31	1,532,506		27,100		‐		198,398		(111,899	)	891		1,646,996
Leasehold improvements	11	1,169,326		30,348		‐		90,557		(12,458	)	15,225		1,292,998
Machinery and equipment	11	3,186,759		111,726		‐		133,554		(14,634	)	112,779		3,530,184
Automotive fuel/lubricant distribution equipment and facilities	13	3,213,123		86,714		‐		143,010		(92,744	)	11,534		3,361,637
LPG tanks and bottles	8	920,287		129,567		‐		431		(43,887	)	-		1,006,398
Vehicles	8	325,094		24,661		‐		1,351		(9,473	)	29,801		371,434
Furniture and fixtures	9	201,708		12,326		‐		1,649		(4,547	)	1,504		212,640
IT equipment	5	303,023		19,787		‐		4,516		(10,750	)	2,145		318,721
Construction in progress	-	694,726		650,828		‐		(567,114	)	‐		5,056		783,496
Advances to suppliers	-	18,139		20,501		‐		(6,263	)	‐		180		32,557
Imports in progress	-	902		2,205		‐		‐		‐				3,107
		12,184,709		1,116,816		‐		3,405		(316,761	)	179,151		13,167,320
Accumulated depreciation:
Buildings		(591,812	)	‐		(46,187	)	‐		101,919		(438	)	(536,518	)
Leasehold improvements		(618,256	)	‐		(71,139	)	‐		8,858		(2,650	)	(683,187	)
Machinery and equipment		(1,926,954	)	‐		(194,666	)	‐		13,499		(39,721	)	(2,147,842	)
Automotive fuel/lubricant distribution equipment and facilities		(2,113,657	)	‐		(181,233	)	‐		60,982		(4,935	)	(2,238,843	)
LPG tanks and bottles		(557,260	)	‐		(83,777	)	‐		35,739		-		(605,298	)
Vehicles		(154,177	)	‐		(29,483	)	‐		5,608		(3,459	)	(181,511	)
Furniture and fixtures		(118,438	)	‐		(14,032	)			3,052		(699	)	(130,117	)
IT equipment		(239,978	)	‐		(23,721	)			10,058		(1,311	)	(254,952	)
		(6,320,532	)	‐		(644,238	)	‐		239,715		(53,213	)	(6,778,268	)
Provision for impairment losses		(1,764	)	(89	)	‐		‐		382		‐		(1,471	)
Net amount		5,862,413		1,116,727		(644,238	)	3,405		(76,664	)	125,938		6,387,581

(i)	Refers to R$ 1,086 transferred to intangible assets and R$ 4,491 transferred from right-of-use assets.

Construction in progress relates substantially to expansions, renovations, constructions and upgrade of the terminals’ assets, service stations, tanks, barges and distribution bases.

Advances to suppliers are basically related to manufacturing of assets for expansion of terminals, distribution bases and acquisition of real estate.

14. Intangible assets

Accounting policy

Intangible assets include assets acquired from third parties, and are recognized according to the criteria below:

• 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.

• 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.

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Notes to the financial statements
For the year ended December 31, 2025

• 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.

The Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life.

	Weighted average useful life (years)	Balance as of December 31, 2024		Additions	Amortization		Transfers ⁽ⁱ⁾		Write-offs		Translation adjustment		Acquisition of subsidiaries ⁽ⁱⁱ⁾		Balance as of December 31, 2025
Cost:
Goodwill (a)	-	982,359		‐	‐		‐		(51,100	)	‐		436,187		1,367,446
Software (b)	5	1,707,645		330,898	‐		13,486		(34,494	)	(1,604	)	146,530		2,162,461
Customer contracts	12	‐		‐	‐		‐		‐		(210	)	838,359		838,149
Distribution rights	13	176,687		40,932	‐		8,918		‐		‐		29,092		255,629
Brands (c)	-	61,366		‐	‐		‐		(11	)	‐		-		61,355
Trademark rights (c)	30	121,001		28	‐		9,868		‐		‐		‐		130,897
Intangible assets in progress	‐	‐		13,409	‐		(6,223	)	(2,204	)	-		34,438		39,420
Decarbonization credits (CBIO)	-	322		370,501	‐		‐		(370,823	)	‐		‐		‐
Others	3	10,611		61	‐		4,151		(43	)	‐		1,690		16,470
		3,059,991		755,829	‐		30,200		(458,675	)	(1,814	)	1,486,296		4,871,827
Accumulated amortization:
Software	‐	(1,013,618	)	‐	(253,814	)	(1,081	)	33,680		252		(103,233	)	(1,337,814	)
Customer contracts	‐	‐		‐	(48,553	)	‐		‐		129		(4,517	)	(52,941	)
Distribution rights	‐	(110,819	)	‐	(10,711	)	‐		-		‐		-		(121,530	)
Trademark rights	‐	(22,997	)	‐	(7,819	)	(9,703	)	3,084		‐		-		(37,435	)
Others	‐	(4,227	)	‐	(8,415	)	4,741		2,272		‐		-		(5,629	)
		(1,151,661	)	‐	(329,312	)	(6,043	)	39,036		381		(107,750	)	(1,555,349	)

Intangible assets, net		1,908,330		755,829	(329,312	)	24,157		(419,639	)	(1,433	)	1,378,546		3,316,478

(i)	Refers to R$ 24,157 received in transfer from property, plant and equipment.
(ii)	The total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).

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Notes to the financial statements
For the year ended December 31, 2025

	Weighted average useful life (years)	Balance as of December 31, 2023		Additions	Amortization		Transfers		Write-offs		Translation adjustment	Acquisition of subsidiaries	Balance as of December 31, 2024
Cost:
Goodwill (a)	-	943,125		‐	-		(115	)	-		‐	39,349	982,359
Software (b)	5	1,503,601		226,098	‐		(18,475	)	(3,969	)	108	282	1,707,645
Distribution rights	14	155,174		20,101	‐		1,412		-		‐	‐	176,687
Brands (c)	-	62,303		‐	‐		(948	)	‐		‐	11	61,366
Trademark rights (c)	30	120,960		41	‐		‐		`‐		‐	‐	121,001
Others	3	15,127		224	‐		(4,211	)	(529	)	‐	‐	10,611
Decarbonization credits (CBIO)	-	710,710		713,453	‐		(389	)	(1,423,452	)	‐	‐	322
		3,511,000		959,917	-		(22,726	)	(1,427,950	)	108	39,642	3,059,991
Accumulated amortization:
Software		(826,773	)	‐	(222,487	)	32,886		2,756		‐	-	(1,013,618	)
Distribution rights		(106,145	)	‐	(4,860	)	16		170		‐	‐	(110,819	)
Trademark rights		(18,931	)	‐	(4,389	)	‐		323		‐	‐	(22,997	)
Others		(5,234	)	‐	(301	)	-		1,308		‐	‐	(4,227	)
		(957,083	)	‐	(232,037	)	32,902		4,557		‐	-	(1,151,661	)

Intangible assets, net		2,553,917		959,917	(232,037	)	10,176		(1,423,393	)	108	39,642	1,908,330

	Weighted average useful life (years)	Balance as of 12/31/2022		Additions	Amortization		Transfers ⁽ⁱ⁾	Write-offs		Foreign exchange variations		Acquisition of subsidiaries		Balance as of 12/31/2023

Cost:
Goodwill (a)	-	917,775		-	‐		‐	-		‐		25,350		943,125
Software (b)	5	1,299,088		273,310	‐		1,086	(79,909	)	‐		10,026		1,503,601
Distribution rights	15	114,593		1,357	‐		‐	-		‐		39,224		155,174
Brands (c)	-	65,647		-	‐		‐	-		(3,344	)	‐		62,303
Trademark rights (c)	30	114,792		25	‐		‐	-		‐		6,143		120,960
Others	3	177		‐	‐		‐	(3	)	‐		14,953		15,127
Decarbonization credits (CBIO)	-	232,305		778,885	‐		‐	(300,480	)	‐		‐		710,710
		2,744,377		1,053,577	‐		1,086	(380,392	)	(3,344	)	95,696		3,511,000
Accumulated amortization:
Software		(708,659	)	‐	(192,976	)	‐	79,720		‐		(4,858	)	(826,773	)
Distribution rights		(102,037	)	‐	(2,956	)	‐	‐		‐		(1,152	)	(106,145	)
Trademark rights		(14,930	)	‐	(3,889	)	‐	‐		‐		(112	)	(18,931	)
Others		(402	)	‐	(4,835	)	‐	3		‐		‐		(5,234	)
		(826,028	)	‐	(204,656	)	‐	79,723		‐		(6,122	)	(957,083	)

Net amount		1,918,349		1,053,577	(204,656	)	1,086	(300,669	)	(3,344	)	89,574		2,553,917

(i)	Refers to R$ 1,086 transferred to intangible assets and R$ 4,491 transferred from right-of-use assets.

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Notes to the financial statements
For the year ended December 31, 2025

a. Goodwill

The 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.

	Segment	12/31/2025	12/31/2024
Goodwill on the acquisition of:
Hidrovias (28.b)	Hidrovias	341,084	‐
Ipiranga (i)	Ipiranga	276,724	276,724
União Terminais	Ultracargo	211,089	211,089
Texaco	Ipiranga	177,759	177,759
Iconic (CBLSA)	Ipiranga	69,807	69,807
Neoagro Diesel	Ipiranga	62,833	‐
Stella	Ultragaz	51,951	103,051
Temmar	Ultracargo	43,781	43,781
Ultragaz Comercializadora de Energia	Ultragaz	42,260	52,038
Petrovila	Ipiranga	34,934	‐
DNP	Ipiranga	24,736	24,736
Repsol	Ultragaz	13,403	13,403
Neogás	Ultragaz	7,761	7,761
Mi TRR	Ipiranga	5,383	‐
Baden	Hidrovias	1,731	-
Serra Diesel	Ultrapar	1,413	1,413
TEAS	Ultracargo	797	797
		1,367,446	982,359

As 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.

Period of evaluation: period of five years, after which the Company calculates the perpetuity, considering the possibility of carrying the business on indefinitely.

Discount 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.

Revenue 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.

As 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.

Goodwill from investments in joint ventures and associates is presented under investments, for further information see Note 11.

b. Software

Includes 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).

c. Brands and trademarks rights

Brands 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.

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Notes to the financial statements
For the year ended December 31, 2025

15. Loans, financing and debentures

Accounting policy

Financial 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.

a. Breakdown

Description	Index/Currency	Weighted average financial charges 2025 (p.a.)	Weighted average hedging instruments	Maturity	12/31/2025	12/31/2024
Foreign currency:
Notes in the foreign market	USD	5.3%	142.6% of DI ^(*)	2026 to 2029	4,158,025	4,710,980
Foreign loan	USD	4.1%	103.8% of DI	2026 to 2029	2,554,217	691,006
Foreign loan	SOFR + USD	0.8%	103.4% of DI	2026 to 2029	1,295,481	‐
Notes in the foreign market	USD	5.0%	CDI + 1.6% ^(**)	2031	984,400	‐
Foreign exchange debentures	EUR	3.0%	104.4% of DI	2027	515,654	‐
Foreign exchange debentures	USD	5.3%	101.7% of DI	2026	339,836	-
Foreign loan	EUR	4.4%	109.2% of DI	2025	-	778,147
Foreign loan	JPY	4.6%	109.4% of DI	2025	-	501,524
Total in foreign currency					9,847,613	6,681,657

Brazilian Reais:
Debentures	CDI + R$	0.9%	n/a	2027 to 2031	3,455,058	731,667
Debentures – CRA	IPCA	5.4%	103.3% of DI	2028 to 2032	2,339,526	2,456,111
Debentures	IPCA	4.8%	105.4% of DI	2028 to 2035	837,001	614,754
Financing	R$	14.6%	106.6% of DI	2027	552,666	‐
CDCA	CDI + R$	0.9%	n/a	2027	547,587	534,374
Debentures – CRA	Fixed rate	11.2%	104.4% of DI	2027	513,103	477,827
Debentures – CRA	CDI + R$	0.7%	n/a	2027	495,731	490,971
Debentures	IPCA	6.0%	n/a	2028 to 2031	466,762	-
CCB	CDI	104.3%	n/a	2026 to 2028	416,321	1,464,624
CDCA	CDI	109.0%	n/a	2026 to 2027	206,594	293,374
Constitutional Fund (FNE)	IPCA	2.9%	69.5% of DI	2028 to 2041	192,054	114,472
Commercial Paper	CDI + R$	0.2%	n/a	2027	89,083	‐
Constitutional Fund (FNO)	IPCA	3.1%	70.8% of DI	2028 to 2037	84,462	‐
FINEP	TJLP	1.0%	n/a	2026 to 2032	27,249	679
Climate Fund	R$	9.4%	72.9% of DI	2026 to 2040	22,451	‐
Total in Brazilian Reais					10,245,648	7,178,853
Total in foreign currency and Brazilian Reais					20,093,261	13,860,510
Current					4,251,131	3,478,673
1 to 2 years					3,923,059	3,257,618
2 to 3 years					4,227,274	1,557,888
3 to 4 years					3,525,329	2,062,967
4 to 5 years					1,038,873	2,130,651
More than 5 years					3,127,595	1,372,713
Non-current					15,842,130	10,381,837

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Notes to the financial statements
For the year ended December 31, 2025

(*)	Considers 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$.
(**)	Considers a protection instrument for principal and interest at DI + 1.6% for a notional amount of US$ 50 million.

The changes in loans, financing and debentures are shown below:

	12/31/2025		12/31/2024
Opening balance	13,860,510		11,141,283
Proceeds	8,669,139		4,179,974
Interest accrued	1,498,325		846,329
Principal payment	(5,134,131	)	(2,718,953	)
Interest payment	(1,360,205	)	(798,653	)
Opening balance - acquisition of subsidiaries ⁽ⁱ⁾	3,125,667		-
Monetary variations and foreign exchange variations	(596,233	)	1,675,583
Change in fair value	101,466		(465,053	)
Gain on bond repurchase	(71,277	)	-
Closing balance	20,093,261		13,860,510

(i)	The total amounts of acquisitions made by the Company are substantially related to Hidrovias do Brasil (see Note 27.b).

The 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).

b. Guarantees

As 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.

The 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).

Subsidiary 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

c. Relevant operations contracted in the year

The main operations contracted in the year are shown below:

Description

Index/ Currency

Financial charges

Hedging instruments

Issuance date

Maturity

Principal

Principal in R$

Remuneration payment

Nominal amount payment

Company

Foreign exchange debenture

USD

5.3%

101.7% of DI

Mar/25

Mar/26

USD 60,269

350,000

At final maturity

Ultracargo Logística

Foreign loan

SOFR + USD

0.9%

102.9% of DI

Feb/25

Feb/26

USD 100,000

577,800

Quarterly

At final maturity

Cia Ultragaz

CCB

CDI

104.0%

n/a

Mar/25

Mar/27

R$ 360,000

360,000

Quarterly

At final maturity

Cia Ultragaz

Constitutional Fund (FNE)

IPCA

2.9%

69.7% of DI

Feb/25

Nov/41

R$ 100,976

100,976

Monthly with grace period

2028 to 2041

Ultracargo Logística

Constitutional Fund (FNO)

IPCA

3.1%

70.8% of DI

Apr/25

Feb/37

R$ 106,430

106,430

Monthly

Monthly after a 3-year grace period

Ultracargo Soluções Logísticas

Foreign loan

USD

4.7%

103.8% of DI

Apr/25

Apr/26

USD 86,956

500,000

At final maturity

Ipiranga

BNDES

9.4%

72.9% of DI

May/25

Mar/40

R$ 11,499

11,499

Monthly

Monthly after a 3-month grace period

Ultragaz Energia Ltda. and subsidiaries

BNDES

9.4%

72.9% of DI

May/25

Mar/40

R$ 11,499

11,499

Monthly

Monthly after a 3-month grace period

Ultragaz Energia Ltda. and subsidiaries

Foreign exchange debentures

EUR

3.0%

104.0% of DI

Jun/25

Feb/37

EUR 77,535

500,000

Annually

At final maturity

Ipiranga

Foreign loan

14.6%

106.6% of DI

Jun/25

Oct/27

R$ 500,000

500,000

Annually

At final maturity

Ipiranga

Debentures

CDI

0.5%

n/a

Jun/25

Jun/28

R$ 400,000

400,000

Semiannually

At final maturity

Hidrovias

Debentures

CDI

0.8%

n/a

Jun/25

Jun/31

R$ 982,000

982,000

Semiannually

At final maturity

Hidrovias

Foreign loan

USD

5.5%

108.8% of DI

Sept/25

Mar/27

USD 4,718

25,000

Semiannually

At final maturity

Serra Diesel

Foreign loan

USD

4.9%

102.4% of DI

Sept/25

Mar/27

USD 46,818

250,000

Semiannually

At final maturity

Cia Ultragaz

Debentures

IPCA

7.0%

CDI - 1.2%

Oct/25

Oct/35

R$ 150,000

150,000

Semiannually

Annually from Oct/2033

Ipiranga

Commercial Paper

CDI

0.2%

n/a

Oct/25

Oct/27

R$ 86,000

86,000

Quarterly

At final maturity

Ipiranga

Foreign loan

SOFR + USD

0.7%

103.9% CDI

Nov/25

Nov/28

USD 94,545

500,000

Semiannually

At final maturity

Ipiranga

Foreign loan

SOFR + USD

0.8%

103.7% CDI

Nov/25

Feb/29

USD 37,491

200,000

Semiannually

At final maturity

Ipiranga

Foreign loan

USD

4.1%

104.5% CDI

Nov/25

Nov/28

USD 111,858

600,000

Semiannually

At final maturity

Cia Ultragaz

Foreign loan

SOFR + USD

1.1%

110.5% CDI

Nov/25

Nov/26

USD 1,886

10,000

Semiannually

At final maturity

Serra Diesel

Foreign loan

USD

4.0%

103.6% CDI

Dec/25

Feb/29

USD 94,146

500,000

Semiannually

At final maturity

Ultracargo Logística

Foreign loan

USD

4.1%

103.2% CDI

Dec/25

Jun/28

USD 55,097

300,000

Semiannually

At final maturity

Iconic

Foreign loan

SOFR

0.8%

103.6% CDI

Dec/25

May/28

USD 68,909

370,000

Semiannually

At final maturity

Iconic

Debentures

CDI

0.6%

n/a

Dec/25

Nov/30

R$ 1,000,000

1,000,000

Semiannually

Annually from Nov/2029

Ipiranga

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

d. Covenants – Subsidiary Hidrovias

Financial Covenant linked to Debenture contracts

Hidrovias, 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.

Failure 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.

As of December 31, 2025, Hidrovias met the financial covenants set forth in its debt contracts.

16. Trade payables

	12/31/2025	12/31/2024
Domestic suppliers	2,542,447	2,558,813
Trade payables - domestic related parties (see Note 8.b)	46,758	23,432
Foreign suppliers	1,863,835	776,052
Trade payables - foreign related parties (see Note 8.b)	190,304	160,088
	4,643,344	3,518,385

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

17. Employee benefits and private pension plan

Accounting policy

The 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”.

a. ULTRAPREV - Associação de Previdência Complementar

In 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.

In 2025, the Company’s subsidiaries contributed R$ 24,963 to Ultraprev (R$ 22,482 in 2024 and R$ 22,482 in 2023).

The 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.

The 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.

b. Post-employment benefits

Some 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.

The amounts related to such benefits are based on an annual valuation conducted by an independent actuary and reviewed by Management.

	12/31/2025	12/31/2024
Health and dental care plan ⁽¹⁾	184,105	177,958
Indemnification of FGTS	20,303	32,420
Seniority bonus	1,916	1,795
Life insurance ⁽²⁾	9,292	10,703
Total	215,616	222,876
Current	19,067	24,098
Non-current	196,549	198,778

(1)	Applicable to Ipiranga and Iconic.
(2)	Applicable to Ipiranga, Ultragaz and Ultrapar.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Changes in the present value of the post-employment benefit obligation occurred as follows:

	12/31/2025		12/31/2024		12/31/2023
Opening balance	222,876		264,823		215,556
Expense for the year	26,051		27,077		17,521
Update/change of estimate	(14,935	)	(10,094	)	-
Actuarial gains from changes in actuarial assumptions	(1,716	)	(41,727	)	52,099
Benefits paid directly by the Company and its subsidiaries	(16,660	)	(17,203	)	(20,353	)
Closing balance	215,616		222,876		264,823

The total expense for each year is presented below:

	12/31/2025	12/31/2024	12/31/2023
Health and dental care plan	19,713	20,420	11,182
Indemnification of FGTS	4,947	5,290	4,909
Seniority bonus	256	254	286
Life insurance	1,135	1,113	1,144
Total	26,051	27,077	17,521

The main actuarial assumptions used are:

Economic factors	12/31/2025	12/31/2024
Discount rate for the actuarial obligation at present value - Indemnification of FGTS	11.74	11.97
Discount rate for the actuarial obligation at present value - Bonus	11.76	11.82
Average discount rate for the actuarial obligation at present value - Medical services	10.97	11.07
Discount rate for the actuarial obligation at present value - Life insurance	11.74	11.82
Average projected salary growth rate - FGTS indemnity	6.64	6.80
Average projected bonus growth rate	7.33	7.33
Inflation rate (long term)	3.50	3.50
Medical services growth rate	7.64	7.64

Demographic factors

Mortality Table for the life insurance benefit - CSO-80

Mortality Table for other benefits – AT 2000 Basic decreased by 10%

Disability Mortality Table - RRB 1983 and RRB-1944

Disability Table – Weak light

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Sensitivity analysis

The 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.

Assumption	Change in assumptions	Decrease in liability	Change in assumptions	Increase in liability
Discount rate	increase by 1.0 p.p.	13,544	decrease by 1.0 p.p.	15,463
Salary growth rate	decrease by 1.0 p.p.	252	increase by 1.0 p.p.	272
Medical services growth rate	decrease by 1.0 p.p.	14,150	increase by 1.0 p.p.	12,350

The 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.

Inherent risks related to post-employment benefits

Interest 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.

Wage 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.

Medical 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.

18. Provisions and contingent liabilities

Accounting policy

A 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

a. Provisions for tax, civil and labor risks

The Company and its subsidiaries are parties to tax, civil and labor disputes at the administrative and judicial levels.

The table below presents the breakdown of provisions by nature and their changes:

Provisions	Balance as of December 31, 2024	Additions	Reversals		Payments		Interest	Opening balance – acquisition of subsidiaries ⁽ⁱ⁾	Balance as of December 31, 2025
IRPJ and CSLL	32,946	365	(13,524	)	(291	)	372	‐	19,868
Tax	202,465	10,780	(40,686	)	(31,274	)	5,129	‐	146,414
Civil	161,972	109,613	(73,289	)	(64,044	)	26	27,417	161,695
Provision for indemnities (a.1)	206,808	13,447	(66,075	)	(14,257	)	5,710	‐	145,633
Labor	54,169	13,881	(8,922	)	(8,461	)	792	9,545	61,004
Total	658,360	148,086	(202,496	)	(118,327	)	12,029	36,962	534,614
Current	47,788								49,175
Non-current	610,572								485,439

(i)	On May 8, 2025, the Company acquired the control of Hidrovias; for further details, see Note 27.b.

Provisions	Balance as of December 31, 2023	Additions	Reversals		Payments		Interest	Balance as of December 31, 2024
IRPJ and CSLL	636,167	949	(15,124	)	(610,534	)	21,488	32,946
Tax	254,781	49,038	(87,575	)	(16,686	)	2,907	202,465
Civil	150,258	66,215	(19,002	)	(35,519	)	20	161,972
Provision for indemnities (a.1)	203,780	19,519	(6,081	)	(12,959	)	2,549	206,808
Labor	59,144	18,468	(16,447	)	(7,764	)	768	54,169
Total	1,304,130	154,189	(144,229	)	(683,462	)	27,732	658,360
Current	45,828							47,788
Non-current	1,258,302							610,572

Provisions	Balance as of 12/31/2022	Additions	Reversals		Payments		Interest	Acquisition of subsidiary	Balance as of 12/31/2023
IRPJ and CSLL	559,217	14,597	(6,717	)	‐		69,070	‐	636,167
Tax	163,547	94,072	(29,179	)	(14,747	)	40,299	789	254,781
Civil, environmental and regulatory claims	93,416	124,857	(29,402	)	(39,071	)	‐	458	150,258
Labor litigation	73,172	27,333	(27,308	)	(16,310	)	2,257	‐	59,144
Provision for indemnities (a. 1)	150,820	32,691	(7,969	)	‐		28,238	‐	203,780
Total	1,040,172	293,550	(100,575	)	(70,128	)	139,864	1,247	1,304,130
Current	22,837								45,828
Non-current	1,017,335								1,258,302

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Balances of escrow deposits by nature are as follows:

	12/31/2025	12/31/2024
Tax	420,906	306,593
Labor	15,897	24,070
Civil	34,806	115,413
	471,609	446,076

In 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.

a.1 Provision for indemnities

As 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.

Regarding 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.

b. Possible contingent liabilities

The 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.

The contingent liabilities, classified as possible loss, by nature are as follows:

Possible contingent liabilities	12/31/2025	12/31/2024
Tax (b.1)	6,027,879	4,176,046
Civil (b.2)	867,293	815,203
Labor	376,406	293,938
	7,271,578	5,285,187

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

b.1 Contingent tax liabilities

The 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).

Additionally, 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).

In 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.

Of 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.

b.2 Contingent civil liabilities

The 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).

c. Lubricants operation between Ipiranga and Chevron

The 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).

Additionally, 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

19. Subscription warrants – indemnification

Because 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.

On 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.

As 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).

20. Equity

a. Share capital

As 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).

On 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.

On 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.

On 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.

The 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).

As 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).

b. Equity instrument granted

The 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).

c. Treasury shares

The Company acquired its own shares at market prices, without capital reduction, to be held in treasury and to be subsequently disposed of or cancelled.

On 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

As 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.

	12/31/2025	12/31/2024
Balance of unrestricted shares held in treasury	28,542,005	19,283,471
Balance of treasury shares granted with right of use	18,601,046	14,083,439
Total balance of treasury shares	47,143,051	33,366,910

d. Capital reserve

The 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).

e. Revaluation reserve

The 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.

f. Profit reserves

f.1 Legal reserve

Under 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.

f.2 Investments statutory reserve

In 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.

The 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).

g. Accumulated other comprehensive income

(i)	Gains 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.
(ii)	The 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.

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Notes to the financial statements
For the year ended December 31, 2025

(iii)	Actuarial 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.
(iv)	The 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.

Balance and changes in Accumulated other comprehensive income of the Company are as follows:

	Fair value of cash flow hedging instruments (i)		Fair value of financial investments (ii)	Cumulative translation adjustments of associates		Actuarial gain/(loss) of post-employment benefits (iii)		Non-controlling shareholders interest change (iv)	Others		Total
As of December 31, 2022	‐		-	-		(18,142	)	197,369	747		179,974
Changes in fair value of financial instruments	(11,375	)				‐		‐	284		(11,091	)
IRPJ and CSLL on fair value	3,691					‐		‐	‐		3,691
Actuarial gains of own and subsidiaries’ post-employment benefits	‐					(28,710	)	‐	‐		(28,710	)
IRPJ and CSLL on actuarial gains	‐					10,244		‐	‐		10,244
As of December 31, 2023	(7,684	)	‐	‐		(36,608	)	197,369	1,031		154,108
Changes in fair value of financial instruments	12,186		‐	‐		‐		‐	52		12,238
IRPJ and CSLL on fair value	(3,691	)	‐	‐		‐		‐	‐		(3,691	)
Actuarial gains of own and subsidiaries’ post-employment benefits	‐		‐	‐		24,587		‐	‐		24,587
IRPJ and CSLL on actuarial gains	‐		‐	‐		(9,164	)	‐	‐		(9,164	)
Currency translation adjustment of foreign associates	‐		‐	36,134		‐		‐	‐		36,134
As of December 31, 2024	811		‐	36,134		(21,185	)	197,369	1,083		214,212
Changes in fair value of financial instruments	-		‐	66,843		‐		‐	(1,317	)	65,526
Actuarial gains of own and subsidiaries’ post-employment benefits	‐		‐	‐		253		‐	‐		253
IRPJ and CSLL on actuarial gains	‐		‐	‐		843		‐	‐		843
Currency translation adjustment of foreign associates	‐		‐	(57,479	)	‐		‐	‐		(57,479	)
As of December 31, 2025	811		‐	45,948		(20,089	)	197,369	(234	)	223,355

h. Allocation of income for the year

On 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.

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Notes to the financial statements
For the year ended December 31, 2025

On 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.

On 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.

The management's proposal for the allocation of net income for 2025 and for distribution of dividends is as follows:

Allocation of net income	12/31/2025		12/31/2024		12/31/2023
Net income for the year attributable to shareholders of Ultrapar	2,453,853		2,362,740		2,439,795
Legal reserve (5% of the net income)	(122,692	)	(118,137	)	(121,990	)
Adjusted net income (basis for dividends)	2,331,161		2,244,603		2,317,805
Minimum mandatory dividends for the year (25% of the adjusted net income)	582,790		561,151		579,451
Interim dividends already distributed (R$ 0.30 per share in 2025, R$ 0.25 per share in 2024 and 2023)	(326,005	)	(275,971	)	(273,798	)
Interim dividends already distributed (R$ 1.00 per share)	(1,087,308	)	-		-
Additional dividends to the minimum mandatory dividends	830,523		208,121		134,031
Balance of proposed dividends payable (R$ 0.45 per share in 2024 and R$ 0.40 per share in 2023)	-		493,301		439,684

Allocation of dividends
Minimum mandatory dividends for the year (25% of the adjusted net income)	582,790		561,151		579,451
Additional dividends to the minimum mandatory dividends	830,523		208,121		134,031
Total amount of dividends distributed	1,413,313		769,272		713,482

Allocation of net income
Legal reserve (5% of the net income)	122,692		118,137		121,990
Statutory reserve	917,848		1,475,331		1,604,323
Minimum mandatory dividends for the year (25% of the adjusted net income)	582,790		561,151		579,451
Additional dividends to the minimum mandatory dividends	830,523		208,121		134,031
Total distribution of net income for the year attributable to shareholders of Ultrapar	2,453,853		2,362,740		2,439,795

Changes in dividends payable are as follows:

Balance as of December 31, 2022	48,525
Provisions	688,189
Prescribed dividends	(2,048	)
Payments	(400,025	)
Balance as of December 31, 2023	334,641
Dividends payable	829,857
Dividends prescribed	(3,369	)
Payments	(833,658	)
Balance as of December 31, 2024	327,471
Provisions	1,867,734
Payments	(2,172,132	)
Balance as of December 31, 2025	23,073

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Notes to the financial statements
For the year ended December 31, 2025

21. Costs, expenses and other operating results by nature

The Company presents its results by nature in the statement of income and details below its costs, expenses and other operating results by nature:

	2025		2024		2023
Raw materials and materials for use and consumption	(129,898,055	)	(121,796,193	)	(114,657,376	)
Personnel expenses	(2,863,673	)	(2,591,309	)	(2,335,738	)
Freight and storage	(1,200,420	)	(1,276,230	)	(1,378,054	)
Depreciation and amortization	(1,219,034	)	(900,673	)	(840,377	)
Services provided by third parties	(947,407	)	(794,155	)	(662,542	)
Purchase of electricity ^(a)	(654,289	)	(171,183	)	-
Decarbonization obligation ^(b)	(370,823	)	(584,371	)	(740,298	)
Amortization of right-of-use assets	(367,129	)	(312,060	)	(305,900	)
Advertising and marketing	(231,779	)	(221,344	)	(235,167	)
Bonuses and commissions	(159,200	)	(122,436	)	(136,090	)
Taxes and fees	(128,071	)	(60,411	)	(105,577	)
Other expenses and income, net ^(c)	616,538		232,741		(207,600	)
Total	(137,423,342	)	(128,597,624	)	(121,604,719	)
Classified as:
Cost of products and services sold	(133,010,699	)	(123,811,893	)	(116,730,469	)
Selling and marketing	(2,517,894	)	(2,499,547	)	(2,253,226	)
General and administrative	(2,249,413	)	(1,872,092	)	(2,018,159	)
Other operating income (expenses), net ^(c)	354,664		(414,092	)	(602,865	)
Total	(137,423,342	)	(128,597,624	)	(121,604,719	)

(a)	Refers to the purchase of electricity of subsidiary Ultragaz Comercializadora, acquired by Ultragaz in 2024. For further information, see Note 27.c.
(b)	Refers 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.
(c)	Include extemporaneous credits recognized in the year 2025 of R$ 672,572, see Note 7.

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Notes to the financial statements
For the year ended December 31, 2025

22. Financial result

	2025		2024		2023
Financial income:
Interest on financial investments	731,698		514,460		518,607
Interest from customers	168,348		173,184		127,562
Update of subscription warrants (see Note 19)	‐		31,657		‐
Selic interest on PIS/COFINS credits ^(a)	636,946		57,839		132,257
Other finance income	43,850		103,934		102,458
	1,580,842		881,074		880,884
Financial expenses:
Interest on loans, financing and financial instruments	(2,254,249	)	(1,235,748	)	(1,482,183	)
Interest on leases payable	(153,247	)	(133,767	)	(143,005	)
Update of subscription warrants (see Note 19)	(14,317	)	‐		(45,084	)
Bank charges, financial transactions tax, and other taxes	(151,987	)	(151,518	)	(156,481	)
Foreign exchange variations, net of gain (loss) on derivative financial instruments	(81,131	)	(280,861	)	38,161
Update of provisions and other expenses	(93,265	)	(11,114	)	(91,422	)
	(2,748,196	)	(1,813,008	)	(1,880,014	)
Total	(1,167,354	)	(931,934	)	(999,130	)

(a)	Include the result of financial income arising from extemporaneous credits recognized in the year 2025 of R$ 480,318, see Note 7.

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Notes to the financial statements
For the year ended December 31, 2025

23. Earnings per share

The 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.

	2025
	Continuing Operations	Discontinued Operations		Total	2024	2023
Basic earnings per share
Net income for the year of the Company	2,575,006	(121,153	)	2,453,853	2,362,740	2,439,795
Weighted average number of shares outstanding (in thousands)	1,071,727	1,071,727		1,071,727	1,102,130	1,095,469
Basic earnings per share - R$	2.4027	(0.1130	)	2.2896	2.1438	2.2272
Diluted earnings per share
Net income for the year of the Company	2,575,006	(121,153	)	2,453,853	2,362,740	2,439,795
Weighted average number of outstanding shares (in thousands), including dilution effects	1,095,126	1,095,126		1,095,126	1,117,595	1,104,942
Diluted earnings per share - R$	2.3513	(0.1106	)	2.2407	2.1141	2.2081
Weighted average number of shares (in thousands)
Weighted average number of shares for basic earnings per share	‐	‐		1,071,727	1,102,130	1,095,469
Dilution effect
Subscription warrants	‐	‐		2,816	3,051	3,334
Stock plan	‐	‐		20,583	12,414	6,139
Weighted average number of shares for diluted earnings per share	‐	‐		1,095,126	1,117,595	1,104,942

Earnings 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.

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Notes to the financial statements
For the year ended December 31, 2025

24. Segment information

The 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.

The main segments are presented in the table below:

Segment	Main activities
Ultragaz	Distribution 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.
Ipiranga	Distribution 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.
Ultracargo	Operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil.
Hidrovias (1)	Operations in logistics solutions and waterway and multimodal infrastructure, in Brazil and abroad.

(1)	As of May 2025, through the acquisition of control according to Note 27.b, the Company began to report Hidrovias as a new operating segment.

a. Geographic area information

The subsidiaries generate revenue from operations in Brazil, as well as from exports of products and services to foreign customers, as disclosed below:

	2025	2024	2023
Net revenue from sales and services:
Brazil	139,822,732	132,311,614	124,400,378
Europe	267,352	50,717	202,665
United States of America and Canada	729,467	681,136	1,084,594
Other Latin American countries	527,285	202,949	204,306
Oceania	768,434	‐
Others	254,270	252,497	156,758
Total	142,369,540	133,498,913	126,048,701

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Notes to the financial statements
For the year ended December 31, 2025

b. Financial information related to segments

The main financial information of each of the continuing operations of the Company’s segments is as follows.

12/31/2025
Profit or loss	Ipiranga		Ultragaz		Ultracargo		Hidrovias (3)		Others (1) (2)		Subtotal Segments		Eliminations		Total
Profit or loss	Ipiranga		Ultragaz		Ultracargo		Hidrovias (3)		Others (1) (2)		Subtotal Segments		Eliminations		Total
Net revenue from sales and services	127,632,935		12,313,710		1,020,908		1,562,214		9,081		142,538,848		(169,308	)	142,369,540
Transactions with third parties	127,632,761		12,312,469		861,193		1,562,214		903		142,369,540		‐		142,369,540
Intersegment transactions	174		1,241		159,715		‐		8,178		169,308		(169,308	)	‐
Cost of products and services sold	(121,937,313	)	(9,838,452	)	(443,085	)	(951,780	)	‐		(133,170,630	)	159,931		(133,010,699	)
Gross profit	5,695,622		2,475,258		577,823		610,434		9,081		9,368,218		(9,377	)	9,358,841
Operating income (expenses)
Selling and marketing	(1,878,042	)	(635,926	)	(9,148	)	(1,777	)	‐		(2,524,893	)	6,999		(2,517,894	)
General and administrative	(1,146,699	)	(417,749	)	(157,428	)	(265,500	)	(269,664	)	(2,257,040	)	7,627		(2,249,413	)
Gain (loss) on disposal of assets	141,782		(62,924	)	(465	)	21,088		89		99,570		‐		99,570
Other operating income (expenses), net	340,822		15,279		6,963		(60,278	)	51,878		354,664		‐		354,664
Operating income (loss)	3,153,485		1,373,938		417,745		303,967		(208,616	)	5,040,519		5,249		5,045,768
Share of profit (loss) of subsidiaries, joint ventures and associates	(12,066	)	514		2,840		(69,646	)	(77,641	)	(155,999	)	‐		(155,999	)
Amortization of fair value adjustments on associates acquisition	‐		‐		(1,611	)	‐		‐		(1,611	)	‐		(1,611
Gain on acquisition of control of associate	‐		‐		‐		91,105		‐		91,105		‐		91,105
Total share of profit (loss) of subsidiaries, joint ventures and associates	(12,066	)	514		1,229		21,459		(77,641	)	(66,505	)	‐		(66,505	)
Income (loss) before financial result and income and social contribution taxes	3,141,419		1,374,452		418,974		325,426		(286,257	)	4,974,014		5,249		4,979,263
Depreciation and amortization ^(a)	450,684		333,568		130,889		274,928		17,905		1,207,974		(5,906	)	1,202,068
Amortization of contractual assets with customers - exclusivity rights	469,765		1		‐		‐		‐		469,766		‐		469,766
Amortization of right-of-use assets	214,700		84,473		33,574		31,429		2,953		367,129		‐		367,129
Amortization of fair value adjustments on associates acquisition	‐		‐		1,611		‐		‐		1,611		‐		1,611
Total depreciation and amortization	1,135,149		418,042		166,074		306,357		20,858		2,046,480		(5,906	)	2,040,574

(a)	The amount is net of PIS and COFINS on depreciation in the amount of R$ 16,967.

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Notes to the financial statements
For the year ended December 31, 2025

12/31/2024
Profit or loss	Ipiranga		Ultragaz		Ultracargo		Others (1) (2)		Subtotal Segments		Eliminations		Total
Profit or loss	Ipiranga		Ultragaz		Ultracargo		Others (1) (2)		Subtotal Segments		Eliminations		Total
Net revenue from sales and services	121,336,232		11,288,418		1,075,558		8,691		133,708,899		(209,986	)	133,498,913
Transactions with third parties	121,335,586		11,287,337		875,997		(7	)	133,498,913		‐		133,498,913
Intersegment transactions	646		1,081		199,561		8,698		209,986		(209,986	)	‐
Cost of products and services sold	(114,730,458	)	(8,895,244	)	(386,568	)	‐		(124,012,270	)	200,377		(123,811,893	)
Gross profit	6,605,774		2,393,174		688,990		8,691		9,696,629		(9,609	)	9,687,020
Operating income (expenses)
Selling and marketing	(1,886,281	)	(606,609	)	(10,723	)	(11	)	(2,503,624	)	4,077		(2,499,547	)
General and administrative	(1,132,913	)	(344,060	)	(176,687	)	(230,068	)	(1,883,728	)	11,636		(1,872,092	)
Gain (loss) on disposal of assets	167,657		4,134		(24	)	70		171,837		‐		171,837
Other operating income (expenses), net	(512,714	)	82,552		13,692		2,378		(414,092	)	‐		(414,092	)
Operating income (loss)	3,241,523		1,529,191		515,248		(218,940	)	5,067,022		6,104		5,073,126
Share of profit (loss) of subsidiaries, joint ventures and associates	(8,654	)	578		3,433		(122,539	)	(127,182	)	‐		(127,182	)
Amortization of fair value adjustments on associates acquisition	‐		‐		(2,493	)	‐		(2,493	)	‐		(2,493
Total share of profit (loss) of subsidiaries, joint ventures and associates	(8,654	)	578		940		(122,539	)	(129,675	)	‐		(129,675	)
Income (loss) before financial result and income and social contribution taxes	3,232,869		1,529,769		516,188		(341,479	)	4,937,347		6,104		4,943,451
Depreciation and amortization (a)	444,924		284,153		118,559		19,451		867,087		(5,953	)	861,134
Amortization of contractual assets with customers - exclusivity rights	553,840		1,243		‐		‐		555,083		‐		555,083
Amortization of right-of-use assets	213,092		66,081		29,998		2,889		312,060		‐		312,060
Amortization of fair value adjustments on associates acquisition	‐		‐		2,493		‐		2,493		‐		2,493
Total depreciation and amortization	1,211,856		351,477		151,050		22,340		1,736,723		(5,953	)	1,730,770

(a)	The amount is net of PIS and COFINS on depreciation in the amount of R$ 39,539.

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Notes to the financial statements
For the year ended December 31, 2025

12/31/2023
Profit or loss	Ipiranga (Restated) ⁽³⁾		Ultragaz		Ultracargo		Others ^{(1) (2)} (Restated) ⁽⁴⁾		Subtotal Segments		Eliminations		Total
Profit or loss	Ipiranga (Restated) ⁽³⁾		Ultragaz		Ultracargo		Others ^{(1) (2)} (Restated) ⁽⁴⁾		Subtotal Segments		Eliminations		Total
Net revenue from sales and services	114,551,830		10,670,793		1,015,564		14,308		126,252,495		(203,794	)	126,048,701
Transactions with third parties	114,551,827		10,669,365		815,249		12,260		126,048,701		‐		126,048,701
Intersegment transactions	3		1,428		200,315		2,048		203,794		(203,794	)	‐
Cost of products and services sold	(108,074,324	)	(8,485,215	)	(355,798	)	‐		(116,915,337	)	184,868		(116,730,469	)
Gross profit	6,477,506		2,185,578		659,766		14,308		9,337,158		(18,926	)	9,318,232
Operating income (expenses)
Selling and marketing	(1,615,178	)	(626,554	)	(11,395	)	(99	)	(2,253,226	)	‐		(2,253,226	)
General and administrative	(1,318,092	)	(298,171	)	(167,344	)	(253,478	)	(2,037,085	)	18,926		(2,018,159	)
Results from disposal of property, plant and equipment and intangible assets	170,604		13,199		103		(2,915	)	180,991		(59,056	)	121,935
Other operating income (expenses), net	(657,376	)	20,191		2,335		31,985		(602,865	)	‐		(602,865	)
Operating income (loss)	3,057,464		1,294,243		483,465		(210,199	)	4,624,973		(59,056	)	4,565,917
Share of profit (loss) of subsidiaries, joint ventures and associates	(7,508	)	26		11,764		7,626		11,908		‐		11,908
Income (loss) before financial result and income and social contribution taxes	3,049,956		1,294,269		495,229		(202,573	)	4,636,881		(59,056	)	4,577,825
Depreciation and amortization ^(a)	429,809		291,462		105,274		14,324		840,869		(492	)	840,377
Amortization of contractual assets with customers - exclusivity rights	606,036		1,410		‐		‐		607,446		‐		607,446
Amortization of right-of-use assets	211,934		61,124		30,454		2,388		305,900		‐		305,900
Total depreciation and amortization	1,247,779		353,996		135,728		16,712		1,754,215		(492	)	1,753,723

(a)	The amount is net of PIS and COFINS on depreciation in the amount of R$ 8,517.
(1)	Includes 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.
(2)	The “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.
(3)	The “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).
(4)	Refers 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.

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Notes to the financial statements
For the year ended December 31, 2025

c. Assets by segment

12/31/2025
Assets	Ipiranga	Ultragaz	Ultracargo	Hidrovias ⁽¹⁾	Others ⁽²⁾	Subtotal Segments	Total
Investments	102,837	4,092	238,607	135,973	39,872	521,381	521,381
Property, plant and equipment	3,428,819	1,667,025	2,596,271	4,340,526	134,456	12,167,097	12,167,097
Intangible assets	1,277,871	274,971	286,219	1,201,198	276,219	3,316,478	3,316,478
Right-of-use assets	826,598	187,116	620,628	288,733	5,619	1,928,694	1,928,694
Other current and non-current assets	21,191,237	3,563,356	447,929	2,351,670	3,861,152	31,415,344	31,415,344
Total assets (excluding intersegment transactions)	26,827,362	5,696,560	4,189,654	8,318,100	4,317,318	49,348,994	49,348,994

12/31/2024
Assets	Ipiranga	Ultragaz	Ultracargo	Others ⁽²⁾	Subtotal Segments	Total
Investments	146,450	1,042	216,134	1,785,007	2,148,633	2,148,633
Property, plant and equipment	3,282,469	1,566,376	2,157,663	129,458	7,135,966	7,135,966
Intangible assets	1,017,405	333,652	283,598	273,675	1,908,330	1,908,330
Right-of-use assets	911,783	152,024	599,853	7,664	1,671,324	1,671,324
Other current and non-current assets	20,944,583	2,156,708	393,368	3,199,162	26,693,821	26,693,821
Total assets (excluding intersegment transactions)	26,302,690	4,209,802	3,650,616	5,394,966	39,558,074	39,558,074

(1)	The “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.
(2)	The “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.

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Notes to the financial statements
For the year ended December 31, 2025

25. Financial instruments

Accounting policy

Financial instruments are classified and measured as follows:

•	Amortized 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.
•	Measured 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.
•	Measured 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.

The Company and its subsidiaries use financial instruments for hedging purposes, applying the following concepts:

•	Hedge 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.
•	Hedge 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.
•	Hedge 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.

Classes and categories of financial instruments and their fair values

The balances of financial instrument assets and liabilities and the measurement criteria are presented in accordance with the following categories:

(a)	Level 1 – prices negotiated (without adjustment) in active markets for identical assets or liabilities;
(b)	Level 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
(c)	Level 3 - inputs for assets or liabilities that are not based on observable market variables (unobservable inputs).

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Notes to the financial statements
For the year ended December 31, 2025

		Level	Carrying value		Carrying value	Fair value
12/31/2025	Note		Measured at fair value through profit or loss	Measured at amortized cost	Total
Financial assets:
Cash and cash equivalents
Cash and banks	4.a		‐	842,295	842,295	842,295
Securities and funds in local currency	4.a	Level 2	515,456	1,107,452	1,622,908	1,622,908
Securities and funds in foreign currency	4.a		‐	709,922	709,922	709,922
Financial investments
Securities and funds in local currency	4.b	Level 2	3,188,963	122,622	3,311,585	3,311,585
Securities and funds in foreign currency	4.b		‐	2,921,770	2,921,770	2,921,770
Derivative financial instruments
Financial	26.f	Level 2	777,064	‐	777,064	777,064
Operational	26.f	Level 2	123,253	‐	123,253	123,253
Energy trading futures contracts	26.h	Level 2	1,095,362	‐	1,095,362	1,095,362
Trade receivables	5.a		‐	4,089,708	4,089,708	4,089,708
Reseller financing	5.a		‐	1,508,373	1,508,373	1,508,373
Related parties	8		‐	105,196	105,196	105,196
Other receivables and other assets			‐	469,109	469,109	469,109

Total			5,700,098	11,876,447	17,576,545	17,576,545

Financial liabilities:
Financing and debentures	15.a	Level 2	9,713,213	10,380,048	20,093,261	20,020,048
Derivative financial instruments
Financial	26.f	Level 2	501,148	‐	501,148	501,148
Operational	26.f	Level 2	79,767	‐	79,767	79,767
Energy trading futures contracts	26.h	Level 2	734,873	‐	734,873	734,873
Trade payables	16.a		‐	4,643,344	4,643,344	4,643,344
Trade payables - reverse factoring			-	3,785	3,785	3,785
Subscription warrants – indemnification	19	Level 1	53,911	‐	53,911	53,911
Financial liabilities of customers			‐	74,326	74,326	74,326
Contingent consideration			‐	74,760	74,760	74,760
Related parties	8		‐	2,875	2,875	2,875
Other payables			‐	957,148	957,148	957,148
Total			11,082,912	16,136,286	27,219,198	27,145,985

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Notes to the financial statements
For the year ended December 31, 2025

		Level	Carrying value		Carrying value	Fair value
12/31/2024	Note		Measured at fair value through profit or loss	Measured at amortized cost	Total
Financial assets:
Cash and cash equivalents
Cash and banks	4.a		‐	405,840	405,840	405,840
Securities and funds in local currency	4.a		‐	1,286,152	1,286,152	1,286,152
Securities and funds in foreign currency	4.a		‐	379,601	379,601	379,601
Financial investments
Securities and funds in local currency	4.b	Level 2	2,271,979	‐	2,271,979	2,271,979
Securities and funds in foreign currency	4.b		‐	2,854,126	2,854,126	2,854,126
Derivative financial instruments
Financial	26.f	Level 2	825,783	‐	825,783	825,783
Operational	26.f	Level 2	8,203	‐	8,203	8,203
Energy trading futures contracts	26.h	Level 2	404,695	‐	404,695	404,695
Trade receivables	5.a		‐	3,913,004	3,913,004	3,913,004
Reseller financing	5.a		‐	1,404,883	1,404,883	1,404,883
Related parties	8		‐	416	416	416
Other receivables and other assets	-		‐	386,853	386,853	386,853
Total			3,510,660	10,630,875	14,141,535	14,141,535

Financial liabilities:
Financing and debentures	15.a	Level 2	5,553,796	8,306,714	13,860,510	13,600,251
Derivative financial instruments
Financial	26.f	Level 2	419,842	‐	419,842	419,842
Operational	26.f	Level 2	21,758	‐	21,758	21,758
Energy trading futures contracts	26.h	Level 2	114,776	‐	114,776	114,776
Trade payables	16.a	-	-	3,518,385	3,518,385	3,518,385
Trade payables - reverse factoring	16.b	-	‐	1,014,504	1,014,504	1,014,504
Subscription warrants – indemnification	19	Level 1	47,745	‐	47,745	47,745
Financial liabilities of customers	-	-	‐	180,225	180,225	180,225
Contingent consideration	28.a	-	42,186	52,988	95,174	95,174
Other payables	-	-	‐	171,520	171,520	171,520
Total			6,200,103	13,244,336	19,444,439	19,184,180

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Notes to the financial statements
For the year ended December 31, 2025

The fair value of financial instruments measured at Level 2 is described below:

Securities 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.

Derivative 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.

Energy 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.

Financing 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.

Financial risk management

The 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.

Economic/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.

The 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.

The 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.

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Notes to the financial statements
For the year ended December 31, 2025

The Company and its subsidiaries are exposed to the following risks, which are mitigated and managed using specific financial instruments:

Risks	Exposure origin	Management
Market risk - exchange rate	Possibility of losses resulting from exposures to exchange rates other than the functional presentation currency, which may be of a financial or operational origin.	Seek exchange rate neutrality, using hedging instruments if applicable.
Market risk - interest rate	Possibility of losses resulting from the contracting of fixed-rate financial assets or liabilities.	Maintain most of the net financial exposure indexed to floating rates, linked to the basic interest rate.
Market risk - commodity prices	Possibility 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.	Hedging instruments, if applicable.
Credit risk	Possibility of losses associated with the counterparty's failure to comply with financial obligations due to insolvency issues or deterioration in risk classification.	Diversification and monitoring of counterparty’s solvency and liquidity indicators.
Liquidity risk	Possibility of inability to honor obligations, including guarantees, and incurring losses.	For 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.

a. Market risk - exchange and interest rates

Currency 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.

The 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.

As 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.

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Notes to the financial statements
For the year ended December 31, 2025

The assets and liabilities exposed to foreign currency, translated to Reais, and/or exposed to floating interest rates are shown below:

			Exchange rate					Interest rate
	Note	Currency	12/31/2025		12/31/2024		Currency	12/31/2025		12/31/2024
Assets
Cash, cash equivalents, and financial investments	4.a	USD	4,041,383		3,428,520		DI	3,149,064		3,558,131
Trade receivables, net of allowance for expected credit losses	5.a	USD	136,800		27,393		-	‐		‐
Other assets in foreign currency	-	USD	35,366		21,028		-	‐		‐
			4,213,549		3,476,941			3,149,064		3,558,131
Liabilities
Loans, financing and debentures ⁽¹⁾	15.a	USD/ EUR/ JPY	(9,953,946	)	(6,681,657	)	DI	(5,210,374	)	(3,515,010	)
Loans – FINEP	15.a		‐		‐		TJLP	(27,249	)	(679	)
Foreign suppliers ⁽²⁾	16.a	USD	(1,882,109	)	(842,319	)	-	‐		‐
Other liabilities in foreign currency	-	USD	(3,049	)	(41,298	)	‐	‐		‐
			(11,839,104	)	(7,565,274	)		(5,237,623	)	(3,515,689	)
Derivative instruments	26.f	USD / EUR / JPY	7,827,902		3,470,855		DI	(11,211,803	)	(6,380,131	)
			202,347		(617,478	)		(13,300,362	)	(6,337,689	)
Net liability position - equity			318,867		‐			‐		‐
Net liability position - profit or loss			(116,520	)	(617,478	)		(13,300,362	)	(6,337,689	)

(1)	Gross 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.
(2)	Net 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.

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Notes to the financial statements
For the year ended December 31, 2025

Sensitivity analysis with devaluation of the Real and interest rate increase

	Exchange rate - Real devaluation ⁽ⁱ⁾		Interest rate increase ⁽ⁱⁱ⁾
Effect on profit or loss	(4,236	)	143,643
Effect on equity	11,591		‐
Total	7,355		143,643

(i)

The 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.

(ii)

For 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.

b. Market risk - commodity prices

The Company and its subsidiaries are exposed to commodity price risk, mainly in relation to diesel and gasoline, affected by macroeconomic and geopolitical factors.

The 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.

To 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.

Derivative	Fair value (R$ thousand)			Possible scenario (∆ of 10% - R$ thousand)
	12/31/2025	12/31/2024		12/31/2025		12/31/2024
Commodity forward	51,189	(7,707	)	(1,811	)	(12,430	)

(1)	The 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.

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Notes to the financial statements
For the year ended December 31, 2025

c. Credit risk

Credit 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.

c.1 Financial institutions and government

The 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:

	Fair value
Counterparty credit rating	12/31/2025	12/31/2024
AAA	9,893,391	7,557,385
AA	353,060	305,686
A	7,855	3,668
Others	54,491	162,338
Total	10,308,797	8,029,077

c.2 Trade receivables

Credit 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.

The subsidiaries manage credit throughout the customer’s life cycle, with specific processes for monitoring credit risk and renegotiating or executing credit, as applicable.

For further information on the allowance for expected credit losses, see Note 5.b.

d. Liquidity risk

Liquidity 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.

The main sources of liquidity of the Company and its subsidiaries arise from:

(i)	cash and financial investments;
(ii)	cash flow generated by its operations; and
(iii)	loans.

The 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).

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Notes to the financial statements
For the year ended December 31, 2025

The 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:

	Less than 1 year	Between 1 and 3 years	Between 3 and 5 years	More than 5 years	Total
Loans including future contractual interest (1) (2)	5,563,733	11,266,427	5,350,190	4,043,614	26,223,964
Derivative instruments (3)	545,582	447,029	151,734	241,441	1,385,786
Trade payables	4,643,344	‐	‐	‐	4,643,344
Trade payables - reverse factoring	3,785	‐	‐	‐	3,785
Leases payable	483,696	604,451	393,278	1,246,359	2,727,784
Financial liabilities of customers	63,882	14,258	‐	‐	78,140
Other payables	127,228	3,142	‐	‐	130,370
	11,431,250	12,335,307	5,895,202	5,531,414	35,193,173

(1)	The 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.
(2)	Includes estimated interest on short-term and long-term loans until the contractually foreseen payment date.
(3)	The 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.

e. Capital management

The Company manages and optimizes its capital structure based on indicators to ensure business continuity while maximizing return to its shareholders.

Capital 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.

The 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.

Annually, 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.

The leverage ratio at the end of the year is as follows:

	12/31/2025	12/31/2024
Gross debt and lease payable (a)	21,832,894	15,345,662
Cash, cash equivalents, and short-term investments (b)	9,408,480	7,197,699
Financial instruments (c)	275,916	405,941
Net debt = (a) - (b) - (c)	12,148,498	7,742,022
Equity	17,730,617	15,823,444
Net debt-to-equity ratio	68.52%	48.93%

f. Selection and use of derivative financial instruments

In 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.

Derivative 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.

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Notes to the financial statements
For the year ended December 31, 2025

The 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:

Derivatives designated as hedge accounting
Product	Contracted rates		Maturity	Notional amount ⁽²⁾	Fair value as of 12/31/2025			Gains (losses) as of 12/31/2025
	Assets	Liabilities		12/31/2025	Assets	Liabilities		Profit or loss		Fair value adjustment of debt
Foreign exchange swap ⁽¹⁾	USD + 4.9%	103.5% DI	Feb/29	USD 459,863	759	(113,093	)	(249,486	)	44,536
Foreign exchange swap ⁽¹⁾	EUR + 3.0%	104.4% DI	Feb/37	EUR 77,535	15,833	(27,803	)	(59,455	)	2,035
Foreign exchange swap ⁽¹⁾	JPY + 1.5%	109.4% DI	Mar/25	JPY 12,564,393	‐	‐		(30,066	)	(323	)
Foreign exchange swap ⁽¹⁾	SOFR + 0.9%	103.5% DI	Feb/29	USD 302,627	2,953	(54,511	)	(83,256	)	934
Interest rate swap ⁽¹⁾	IPCA + 5.3%	103.8% DI	Oct/35	BRL 2,655,355	367,790	‐		99,994		(141,399	)
Interest rate swap ⁽¹⁾	IPCA + 3.0%	69.9% DI	Nov/41	BRL 358,871	3,765	(15,143	)	(11,729	)	44,373
Interest rate swap ⁽¹⁾	12.8%	104.7% DI	Apr/40	BRL 1,048,881	1,572	(20,605	)	18,159		(55,310	)
Commodity forward ⁽¹⁾	BRL	Heating Oil/ RBOB	Mar/26	USD 548,628	63,293	(52,819	)	13,709		‐
NDF ⁽¹⁾	BRL	USD	Mar/26	USD 206,491	6,986	(14,690	)	13,999		‐
				Total - designated	462,951	(298,664	)	(288,131	)	(105,154	)
Derivatives not designated as hedge accounting
Foreign exchange swap	USD	52.5% CDI	Jun/29	USD 300,000	378,422	‐		(198,583	)	‐
Foreign exchange swap	USD + 5.0%	CDI + 1.6%	Feb/31	USD 50,000	‐	(11,798	)	(28,124	)	‐
Interest rate swap	IPCA + 6.0%	92.4% DI	Oct/28	USD 380,000	2,728	-		(13,575	)	‐
NDF	USD	BRL	Mar/26	USD 244,037	3,242	(31,480	)	(115,774	)	‐
Commodity forward	BRL	Heating Oil/ RBOB	Nov/26	USD 98,504	52,974	(12,259	)	5,090		‐
Interest rate swap	USD + 5.3%	CDI - 1.4%	Jun/29	USD 300,000	‐	(226,714	)	(26,070	)	‐
				Total - not designated	437,366	(282,251	)	(377,036	)	‐
				Total	900,317	(580,915	)	(665,167	)	(105,154	)
				Current	127,254	(246,064	)
				Non-current	773,063	(334,851	)

(1)	Derivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).
(2)	Currency as indicated.

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Notes to the financial statements
For the year ended December 31, 2025

Derivatives designated as hedge accounting
Product	Contracted rates		Maturity	Notional amount ⁽²⁾	Fair value as of 12/31/2024			Gains (losses) as of 12/31/2024
	Assets	Liabilities		12/31/2024	Assets	Liabilities		Profit or loss		Fair value adjustment of debt
Foreign exchange swap ⁽¹⁾	USD + 3.28%	105.7% DI	Sept/25	USD 206,067	76,649	(3,808	)	171,493		5,647
Foreign exchange swap ⁽¹⁾	EUR + 5.16%	109.2% DI	Mar/25	EUR 115,518	76,123	‐		84,875		(1,742	)
Foreign exchange swap ⁽¹⁾	JPY + 1.50%	109.4% DI	Mar/25	JPY 12,564,393	‐	(45,826	)	47,567		5,294
Foreign exchange swap ⁽¹⁾	SOFR + 1.29%	112.5% DI	Sept/25	USD 4,535	2,114	‐		2,566		(30	)
Interest rate swap ⁽¹⁾	IPCA + 5.13%	104.5% DI	Jun/32	BRL 2,660,000	189,156	‐		(345,529	)	355,746
Interest rate swap ⁽¹⁾	IPCA + 2.83%	69.5% DI	Nov/41	BRL 151,465	‐	(3,321	)	(3,321	)	37,511
Interest rate swap ⁽¹⁾	USD + 11.17%	104.3% DI	Jul/27	BRL 525,791	‐	(53,638	)	(67,786	)	62,628
Commodity forward ⁽¹⁾	USD	Heating Oil/ RBOB	Jan/25	USD 5,753	3,104	(11,869	)	(25,309	)	‐
NDF ⁽¹⁾	USD	USD	Feb/25	USD 6,853	729	(6,022	)	(34,336	)	‐
				Total - designated	347,875	(124,484	)	(169,780	)	465,054
Derivatives not designated as hedge accounting
Foreign exchange swap	USD	52.5% CDI	Jun/29	USD 300,000	465,031	‐		268,734		‐
NDF	USD	BRL	Mar/25	USD 15,425	13,546	(6,501	)	42,241		‐
Commodity forward	BRL	Heating Oil/ RBOB	Mar/25	USD 2,422	4,926	(3,867	)	53,069		‐
Interest rate swap	USD + 5.25%	CDI -1.4%	Jun/29	USD 300,000	‐	(306,748	)	(166,103	)	‐
				Total - not designated	483,503	(317,116	)	197,941		‐
				Total	831,378	(441,600	)	28,161		465,054
				Current	246,084	(74,087	)
				Non-current	585,294	(367,513	)

(1)	Derivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).
(2)	Currency as indicated.

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Notes to the financial statements
For the year ended December 31, 2025

Derivatives designated as hedge accounting
Product	Contracted rates		Maturity	Notional amount (3)	Fair value as of 12/31/2023			Gains (losses) as of 12/31/2023
	Assets	Liabilities		12/31/2023	Assets	Liabilities		Profit or loss		Fair value adjustment of debt - R$
Foreign exchange swap (2)	USD + 0.00%	53.60% of DI	Oct/26	USD 234,000	‐	(106,657	)	(145,949	)	-
Foreign exchange swap (1)	USD + 5.47%	110.02% of DI	Sept/25	USD 206,067	‐	(119,094	)	(223,555	)	(3,768	)
Foreign exchange swap (1)	EUR + 5.12%	111.93% of DI	Jan/24	EUR 22,480	‐	(22,529	)	(23,304	)	230
Foreign exchange swap (1)	JPY + 1.50%	109.40% of DI	Mar/25	JPY 12,564,393	‐	(120,746	)	(130,726	)	(4,775	)
Interest rate swap (1)	IPCA + 5.03%	102.87% of DI	Jun/32	BRL 3,226,054	598,311	‐		260,301		(313,641)
Interest rate swap (1)	10.48%	103.64% of DI	Jun/27	BRL 615,791	12,515	(3,182	)	10,694		(10,163	)
Commodity forward (1)	BRL	Heating Oil/ RBOB	Jan/24	USD 129,894	22,343	(854	)	(50,977	)	‐
NDF (1)	BRL	USD	Feb/24	USD 211,179	3,959	(833	)	19,012		‐
				Total - designated	637,128	(373,895	)	(284,504	)	(332,117	)
Derivatives not designated as hedge accounting
Foreign exchange swap	0.00%	52.99% of CDI	Jun/29	USD 375,000	186,925	(45,877	)	(188,395	)	‐
NDF	USD	BRL	Mar/24	USD 457,099	1,468	(8,409	)	(105,597	)	‐
Commodity forward	BRL	Heating Oil/ Marine Fuel/ Others	Mar/24	USD 18,127	1,524	(2,310	)	5,489		‐
Interest rate swap	5.25%	1.36% of CDI	Jun/29	USD 300,000	‐	(196,243	)	9,257		‐
				Total - not designated	189,917	(252,839	)	(279,246	)	‐
				Total	827,045	(626,734	)	(563,750	)	(332,117	)

(1)	Derivative financial instruments designated for fair value hedge accounting (see Note 25.g.1).
(2)	Derivative financial instruments designated for cash flow hedge accounting (see Note 25.g.2).
(3)	Currency as indicated.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

g. Hedge accounting

The 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.

The 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.

The 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.

g.1 Fair value hedge

The 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.

g.2 Cash flow hedge

As of December 31, 2025, the Company and its subsidiaries do not have cash flow hedges.

h. Financial instruments (energy trading futures contracts)

The 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.

Sensitivity analysis – level 2 hierarchy

		12/31/2025			12/31/2024
	Valuation technique	Fair value of energy contracts	Sensitivity of inputs to fair value (a)		Fair value of energy contracts	Sensitivity of inputs to fair value (a)
Financial assets	Discounted cash flow method	1,095,362	10%	1,347,911	404,695	10%	382,794
			-10%	803,892		-10%	404,581

Financial liabilities		734,873	10%	1,007,336	114,776	10%	115,361
			-10%	455,927		-10%	125,715

(a)	This 10% variation scenario represents a fluctuation considered reasonable by the Company, based on the history of negotiations concluded under similar market conditions.

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Notes to the financial statements
For the year ended December 31, 2025

26. Commitments

a. Contracts

Subsidiary 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:

Port	Minimum movement per year	Maturity

Aratu	900,000 ton.	2042
Suape	250,000 ton.	2027
Suape	400,000 ton.	2029
Aratu	465,403 ton.	2031
Itaqui	1,222,377 m3	2049
Itaqui	371,000 ton.	2041
Vila do Conde	343,625 ton.	2045

If 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.

Subsidiary 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.

Hidrovias and its subsidiaries have some long-term contracts in the corridors with the following maturity dates:

Segment		Expiration
South Corridor:		Contract I – Expiration in 2039;
		Contract IV - Expiration in 2027;
		Contract V – Expiration in 2027;
North Corridor:		Contract I – Expiration in 2031;
		Contract II – Expiration in 2029;
		Contract III – Expiration in 2027;
		Contract IV – Expiration in 2027;
Santos		Contract I – Expiration in 2032;
		Contract II – Expiration in 2029;
		Contract III – Expiration in 2027.

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Notes to the financial statements
For the year ended December 31, 2025

27. Acquisition of Interest and Control

a. Acquisition of service stations from Pão de Açúcar Group by subsidiary Millennium

On 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.

During 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.

b. Hidrovias do Brasil S.A.

In 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.

On 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.

Subsequently, 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.

In 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.

The 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.

The 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.

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Notes to the financial statements
For the year ended December 31, 2025

The table below summarizes the balances of assets acquired and liabilities assumed at the acquisition date recognized at fair value:

Assets
Cash and cash equivalents	1,155,510
Bonds and other securities	1,171
Trade receivables	119,082
Inventories	168,889
Recoverable taxes	198,360
Prepaid expenses	65,607
Related parties	5,825
Other receivables	137,093
Assets of subsidiaries held for sale	736,540
Escrow deposits	67,375
Deferred tax assets	74,730
Other investments	121,710
Property, plant and equipment, net	4,419,200
Intangible assets, net	912,191
Right-of-use asset, net	331,202
Derivative instruments	6,270
Liabilities
Loans and financing	3,331,412
Trade payables	104,490
Salaries and related charges	46,246
Taxes payable, income and social contribution taxes payable	126,869
Deferred tax liabilities	581,271
Legal claims	36,962
Advances from customers	7,365
Leases payable	286,778
Other payables	119,491
Liabilities of subsidiaries held for sale	500,708
Derivative instruments	52,643

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Goodwill based on expected future profitability	341,084
Non-controlling interests⁽¹⁾	1,658,270
Assets and liabilities consolidated in the opening balance	2,009,334

Assets acquired	4,273,159
Liabilities assumed	(2,604,909	)
Goodwill based on expected future profitability	341,084
Final investment in 50.15% interest	2,009,334

Reversal of the non-cash effect of the acquisition
Gain on acquisition of control of associate	(113,655	)
Share of profit (loss) of subsidiaries, joint ventures and associates before acquisition of control	148,518
Acquisition value - cash	2,044,197

Cash and cash equivalents acquired	(1,155,510	)
Net cash from transaction	888,687

(1)	The non-controlling interest is determined based on the net value of assets and liabilities on the acquisition date, considering the proportion of 49.85%.

The 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:

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Revaluation of investment
Revaluation of investment (from financial asset to associate) - IFRS 9 / IAS 28 ⁽¹⁾	66,267
Revaluation of investment (from associate to subsidiary) - IAS 28 / IFRS 3 ⁽²⁾	47,388
Gain on acquisition of control of associate	113,655
Write-off of accumulated effects in equity before control - IAS 28 / IFRS 3 ⁽²⁾	43,717
Total	157,372

(1)	Transition from financial asset to investment in associate, recognized in May 2024 in financial results.
(2)	Transition 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.

After 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%.

From 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.

c. Ultragaz Comercializadora de Energia (formerly WTZ Participações S.A.)

On 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.

Ultragaz 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.

The 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.

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Notes to the financial statements
For the year ended December 31, 2025

The following table summarizes the consolidated balances of assets acquired and liabilities at the acquisition date, recognized at fair value:

Assets
Cash and cash equivalents	5,399
Trade receivables	33,168
Recoverable taxes	3,036
Prepaid expenses	170
Other receivables	306
Other investments	5
Property, plant and equipment, net	1,684
Intangible assets, net	19,504
Derivative instruments	209,348
Liabilities
Loans and financing	68
Trade payables	27,541
Salaries and related charges	2,211
Taxes payable, income and social contribution taxes payable	80,918
Other payables	3,221
Goodwill based on expected future profitability	42,260
Non-controlling interests	76,633
Assets and liabilities consolidated in the opening balance	124,288
Assets acquired	140,945
Liabilities assumed	58,917
Goodwill based on expected future profitability	42,260
Acquisition value	124,288
Comprised by:
Cash	55,000
Acquisition of ownership interest via capital contribution (as non-controlling interests)	23,904
Contingent consideration settled	45,115
Contingent consideration to be settled	269
Total consideration	124,288
Net cash outflow resulting from acquisition
Initial consideration in cash	55,000
Contingent consideration settled	45,115
Contingent consideration to be settled	269
Cash and cash equivalents acquired	(5,399	)
Acquisition value	94,985

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Notes to the financial statements
For the year ended December 31, 2025

d. Petrovila Combustíveis S.A

On 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.

Petrovila 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.

The 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.

The 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.

The 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:

Assets
Cash and cash equivalents	23,865
Trade receivables	30,310
Inventories	1,546
Recoverable taxes	33,353
Prepaid expenses	116
Other receivables	246
Right-of-use assets	729
Property, plant and equipment, net	25,982
Liabilities
Loans and financing	11,482
Trade payables	39,032
Salaries and related charges	1,445
Taxes payable, income and social contribution taxes payable	68
Leases payable	811
Other payables	1,201
Goodwill based on expected future profitability	34,934
Non-controlling interests	24,843
Assets and liabilities consolidated in the opening balance	72,199

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

Assets acquired	69,688
Liabilities assumed	32,423
Goodwill based on expected future profitability	34,934
Acquisition value	72,199
Comprised by
Acquisition of ownership interest via capital contribution (as non-controlling interests)	50,000
Contingent consideration to be settled	22,199
Total consideration	72,199
Net cash outflow resulting from acquisition
Initial consideration in cash	(50,000	)
Cash and cash equivalents acquired	23,865
Acquisition value	(26,135	)

e. Neoagro Diesel S.A

On 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.

Neoagro 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.

The 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.

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The 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:

Assets
Cash and cash equivalents	3,000
Property, plant and equipment, net	9,747

Liabilities	-

Goodwill based on expected future profitability	62,833
Non-controlling interests	5,099
Assets and liabilities consolidated in the opening balance	70,481

Assets acquired	7,648
Liabilities assumed	-
Goodwill based on expected future profitability	62,833

Acquisition value	70,481

Comprised by
Cash	28,892
Acquisition of ownership interest via capital contribution (as non-controlling interests)	11,023
Contingent consideration to be settled	30,566
Total consideration	70,481

Net cash outflow resulting from acquisition
Initial consideration in cash	(39,915	)
Cash and cash equivalents acquired	3,000
Acquisition value	(36,915	)

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

f. Serra Diesel Transportador Revendedor Retalhista Ltda.

On 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.

Serra 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.

The 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

The table below summarizes the consolidated balances of assets acquired and liabilities at the acquisition date recognized at fair value:

Assets
Cash and cash equivalents	1,719
Trade receivables	28,475
Inventories	9,128
Recoverable taxes	2,551
Other receivables	55

Other investments	298
Right-of-use assets, net	25,500
Property, plant and equipment, net	41,938
Intangible assets, net	11,634

Liabilities
Loans and financing	17,337
Trade payables	26,965
Salaries and related charges	1,933
Taxes payable, income and social contribution taxes payable	376
Leases payable	25,500
Other payables	8,194

Goodwill based on expected future profitability	1,413
Non-controlling interests	16,397
Assets and liabilities consolidated in the opening balance	26,009

Assets acquired	72,779
Liabilities assumed	48,183
Goodwill based on expected future profitability	1,413

Acquisition value
Comprised by
Cash	5,000
Acquisition of ownership interest via capital contribution (as non-controlling interests)	16,193
Contingent consideration settled	4,816
Total consideration	26,009

Initial consideration in cash	(5,000	)
Contingent consideration settled	(4,816	)
Cash and cash equivalents acquired	1,720
Total	(8,096	)

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

g. Opla - Terminal de Combustíveis Paulínia S.A.

On 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.

The 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.

The following table summarizes the balances of assets acquired and liabilities at fair value at the acquisition date, including goodwill determination:

Assets
Cash and cash equivalents	3,248
Trade receivables	6,107
Recoverable taxes	402
Other receivables and other assets	1,057

Property, plant and equipment, net	248,951
Intangible assets, net	10,441

Liabilities
Loans and financing	44,568
Trade payables	911
Salaries and related charges	1,430
Taxes payable, income and social contribution taxes payable	13,974
Other payables	23,743

Fair value of investee’s assets and liabilities	185,580

Fair value of assets and liabilities according to Ultracargo's interest	92,790
Goodwill based on expected future profitability	117,306
Acquisition value	210,096

The 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.

In 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:

	R$	Useful Life	Amortization method
Licenses	612	5 years	Straight line
Customer list and relationship	4,609	6 years	Straight line
Total	5,221

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

28. Discontinued operation

a. Cabotagem purchase and sale agreement

On 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.

The 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.

On 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:

Total amount of the Cabotagem purchase and sale agreement.	715,378
Debt balance in the reference statement of financial position	(520,553	)
Operation sale price	194,825
Preliminary adjustments to working capital and net debt	(1,954	)
Cost on the investment write-off	(317,635	)
Realization of valuation adjustment in subsidiaries	(98,062	)
Reversal of impairment ⁽¹⁾	72,812
Gain on disposal of investments before the effect of cessation of depreciation	(150,014	)
Cessation of depreciation	(15,150	)
Gain on disposal of investments after the effect of depreciation	(165,164	)
Deferred income and social contribution taxes	(24,756	)
Gain on disposal of investments, net	(189,920	)

(1)

Hidrovias 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.

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

b. The results for the year and cash flows from discontinued operations as of December 31, 2025 are shown below:

	Final balance as of December 31, 2025 ⁽¹⁾
Net revenue from sales and services	108,401
Cost of services sold	(69,582	)
Gross profit	38,819
Operating income (expenses)
General and administrative	(2,553	)
Other operating income (expenses)	8,353
Gain (loss) on disposal of assets	(237,976	)
Operating income (loss) before financial result and taxes	(193,357	)
Financial income	5,610
Financial expenses	(6,229	)
Financial result, net	(619	)
Operating income (loss) before income and social contribution taxes	(193,976	)
Income and social contribution taxes
Current	5,834
Deferred	(18,170	)
Profit (loss) for the period	(206,312	)

	Final balance as of 12/31/2025⁽¹⁾
Net cash provided by operating activities	30,231
Net cash used in investing activities	(34,948	)
Net cash used in financing activities	(6,596	)
Increase (Decrease) in cash and cash equivalents	(11,313	)

(1)	Considers the balances since the acquisition of control in May 2025 according to Note 27.b.

For 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).

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Ultrapar Participações S.A. and Subsidiaries

Notes to the financial statements
For the year ended December 31, 2025

29. Events after the reporting period

a. Completion of the acquisition of interest in Virtu GNL

In 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.

b. Financing from the Constitutional Fund by Ultracargo

On 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.

c. Foreign loan obtained by subsidiary Ipiranga Produtos de Petróleo S.A.

On 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.

d. External financing obtained by Ultracargo Logística S.A.

On March 30, 2026, the Company entered into an external financing transaction in the amount of USD 68,571 (equivalent to R$ 360,000 at the transaction date), subject to financial charges at an annual rate of 3.808% and with maturity on October 5, 2027.

e. Matters reported by the press

On 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.

Notwithstanding 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.

Based 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.

Management 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.

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