Ultrapar Reports BRL 5.5B Cash Flow and 7% Dividend Yield
Ultrapar achieved record operating cash flow of BRL 5.5 billion in 2025, net leverage of 1.7x after a BRL 1.1 billion dividend payment and dividends of BRL 1.4 billion (7% yield). Q4 recurring adjusted EBITDA surged 36% to BRL 1.7 billion; full-year recurring EBITDA rose 15% to BRL 6.2 billion.
1. 2025 Cash Flow and Dividend Distribution
Ultrapar generated record operating cash flow of BRL 5.5 billion in 2025, enabling the company to maintain a net leverage ratio of 1.7x after executing a BRL 1.1 billion special dividend in December. Total dividends for the year reached BRL 1.4 billion, equivalent to BRL 1.30 per share and a 7% yield, underscoring strong free cash flow conversion.
2. Fourth-Quarter Recurring EBITDA Performance
In the fourth quarter, recurring adjusted EBITDA rose 36% year-over-year to BRL 1.7 billion, driven by improved margins at Ipiranga and Ultragaz and the consolidation of Hidrovias from May. Non-recurring effects reduced reported consolidated EBITDA to BRL 1.6 billion, a 34% decline versus the prior year.
3. Full-Year EBITDA and Net Income Review
For the full year, consolidated adjusted EBITDA reached BRL 6.8 billion, up 2% from 2024, while recurring EBITDA climbed 15% to BRL 6.2 billion. Net income for 2025 was BRL 2.5 billion, roughly flat year-over-year as record operating results were offset by higher depreciation, amortization, and financing costs related to Hidrovias consolidation.