Ultrapar stock outlines BRL 28 billion capital plan at Ultra Day

Published on 10/05/2026 at 09:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Ultrapar stock was last at BRL 38.61 on October 2, 2026, after the company presented its capital strategy. Its 1H26 EBITDA reached BRL 5.377 billion.

Ultrapar, BRUGPAACNOR8, Illustration mit AI erstellt.

Ultrapar stock (ISIN BRUGPAACNOR8) was last at BRL 38.61 on B3 on October 2, 2026, up 1.37 percent, with the share price below its 52-week high of BRL 40.22. The company used its October 2 Ultra Day to present a capital allocation strategy built around disciplined investment, portfolio focus and shareholder returns, according to MarketBeat.

BRL 28 billion reshapes the portfolio

Ultrapar allocated BRL 28 billion across maintenance capital expenditures, expansion, acquisitions, debt service, dividends and buybacks from 2021 through the first half of 2026. Management also reviewed more than 100 projects and completed 14, making capital discipline a central part of the company's growth framework, MarketBeat reported on October 2, 2026.

The strategy leaves room for investments in Ipiranga, Ultragaz, Ultracargo and Hidrovias do Brasil, while dividends and repurchases remain alternatives when projects do not offer the required returns. Ultrapar said leverage of 1.0 to 1.5 times EBITDA is its comfort range, creating a visible boundary for future acquisitions and expansion.

Cash generation strengthens the case

Ultrapar's first-half recurring adjusted EBITDA reached BRL 5.377 billion, while net debt to trailing EBITDA stood at 1.1 times, according to TradingView on October 2, 2026. The leverage figure is lower than the company's stated comfort ceiling, but the strategy also permits temporary increases when a project has a credible deleveraging path.

In the second quarter of 2026, operating cash generation reached BRL 4,789 million, compared with BRL 939 million in the second quarter of 2025. The same period produced recurring adjusted EBITDA of BRL 3,657 million and net income of BRL 1,677 million, up BRL 527 million year over year, according to Yahoo Finance.

Analyst targets trail the ADR price

NYSE coverage shows a Moderate Buy consensus from seven brokerages, with four Hold ratings and three Buy ratings. The average 12-month target is USD 6.54, below the USD 7.45 UGP ADR price on October 2, 2026, while published targets span USD 5.80 to USD 7.90, according to MarketBeat. The gap places greater weight on execution of the capital plan and on whether cash generation can support further shareholder distributions.

Ultrapar stock stays below its yearly high

On B3, Ultrapar stock was last at BRL 38.61 on October 2, 2026, with a session range of BRL 37.27 to BRL 38.80 and a 52-week range of BRL 19.93 to BRL 40.22. The market capitalization stood at BRL 42.5 billion as of October 3, 2026.