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Segment information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment information |
Segment information | 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.
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:
| 2024 |  |  | 2023 |  |  | 2022 |
Net revenue from sales and services: |  |  |  |  |  |  |  |
Brazil | 132,311,614 |  |  | 124,400,378 |  |  | 140,801,146 |
Europe | 50,717 |  |  | 202,665 |  |  | 607,416 |
United States of America and Canada | 681,136 |  |  | 1,084,594 |  |  | 1,785,413 |
Other Latin American countries | 202,949 |  |  | 204,306 |  |  | 73,351 |
Singapore | 166,673 |  |  | 145,082 |  |  | 359,250 |
Others | 85,824 |  |  | 11,676 |  |  | 8,132 |
Total | 133,498,913 |  |  | 126,048,701 |  |  | 143,634,708 |
b. Financial information related to segments The main financial information of each of the continuing operations of the Company’s segments is as follows.
12/31/2024 |
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 | )
Results from disposal of property, plant and equipment and intangible 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.
(1) | Includes in the line “General and administrative and Revenue from sale of goods” the amount of R$ 172,242 in 2024 of expenses related to Ultrapar's holding structure.
(2) | The “Others” column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint ventures RPR and Hidrovias.
12/31/2023 |
Profit or loss | Ipiranga (Restated) (3) |  |  | Ultragaz |  |  | Ultracargo |  |  | Others (Restated) (1) (2) (3) |  |  | 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$ 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, UVC - Fundo de investimento and share of profit (loss) of joint venture RPR.
(3) | Refers to a change on the corporate structure which the companies Eaí and Millenium became part of Ipiranga consolidated, being restated in 2023 for compability purposes.
12/31/2022 |
Statement of income | Ipiranga |  |  | Ultragaz |  |  | Ultracargo |  |  | Others (1) (2) |  |  | Subtotal Segments |  |  | Eliminations |  |  | Total |
Net revenue from sales and services | 131,337,966 |  |  | 11,483,398 |  |  | 867,148 |  |  | 218,770 |  |  | 143,907,282 |  |  | (272,574 | ) |  | 143,634,708 |
Transactions with third parties | 131,253,637 |  |  | 11,480,697 |  |  | 684,350 |  |  | 216,024 |  |  | 143,634,708 |  |  | ‐ |  |  | 143,634,708 |
Intersegment transactions | 84,329 |  |  | 2,701 |  |  | 182,798 |  |  | 2,746 |  |  | 272,574 |  |  | (272,574 | ) |  | ‐ |
Cost of products and services sold | (126,569,490 | ) |  | (9,446,354 | ) |  | (340,621 | ) |  | (185,914 | ) |  | (136,542,379 | ) |  | 266,122 |  |  | (136,276,257 | )
Gross profit | 4,768,476 |  |  | 2,037,044 |  |  | 526,527 |  |  | 32,856 |  |  | 7,364,903 |  |  | (6,452 | ) |  | 7,358,451 |
Operating income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing | (1,552,636 | ) |  | (576,087 | ) |  | (12,701 | ) |  | (561 | ) |  | (2,141,985 | ) |  | ‐ |  |  | (2,141,985 | )
General and administrative | (828,753 | ) |  | (257,315 | ) |  | (134,208 | ) |  | (320,657 | ) |  | (1,540,933 | ) |  | 6,452 |  |  | (1,534,481 | )
Gain (loss) on disposal of property, plant and equipment and intangible assets | 168,709 |  |  | (1,381 | ) |  | (887 | ) |  | 2,848 |  |  | 169,289 |  |  | ‐ |  |  | 169,289 |
Other operating income (expenses), net | (525,966 | ) |  | 6,235 |  |  | 3,330 |  |  | 1,879 |  |  | (514,522 | ) |  | ‐ |  |  | (514,522 | )
Operating income | 2,029,830 |  |  | 1,208,496 |  |  | 382,061 |  |  | (283,635 | ) |  | 3,336,752 |  |  | ‐ |  |  | 3,336,752 |
Share of profit (loss) of subsidiaries, joint ventures and associates | (10,052 | ) |  | 13 |  |  | (3,880 | ) |  | 26,100 |  |  | 12,181 |  |  | ‐ |  |  | 12,181 |
Income (loss) before financial result and income and social contribution taxes | 2,019,778 |  |  | 1,208,509 |  |  | 378,181 |  |  | (257,535 | ) |  | 3,348,933 |  |  | ‐ |  |  | 3,348,933 |
Depreciation of PP&E and amortization of intangible assets | 353,962 |  |  | 239,204 |  |  | 94,337 |  |  | 44,738 |  |  | 732,241 |  |  | ‐ |  |  | 732,241 |
Amortization of contractual assets with customers - exclusivity rights | 503,751 |  |  | 1,502 |  |  | - |  |  | ‐ |  |  | 505,253 |  |  | (346 | ) |  | 504,907 |
Amortization of right-of-use assets | 191,178 |  |  | 56,177 |  |  | 37,124 |  |  | 3,940 |  |  | 288,419 |  |  | ‐ |  |  | 288,419 |
Total depreciation and amortization | 1,048,891 |  |  | 296,883 |  |  | 131,461 |  |  | 48,678 |  |  | 1,525,913 |  |  | (346 | ) |  | 1,525,567 |
(1) | Includes in the line “General and administrative and Revenue from sale of goods” the amount of R$ 157,621 in 2022 of expenses related to Ultrapar's holding structure.
(2) | The “Others” column refers to the parent Ultrapar and the subsidiaries Abastece Aí, Millenium, Serma, Imaven Imóveis Ltda. (“Imaven”), Ultrapar International, Ultrapar Empreendimentos, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint venture RPR. In 2022 the Company ceased to present Abastece Aí as a separate segment, including its balance in the “Others” column.
c. Assets by segment
12/31/2024 |
Assets | Ipiranga |  |  | Ultragaz |  |  | Ultracargo |  |  | Others (1) |  |  | Total |
Investments | 146,450 |  |  | 1,042 |  |  | 216,134 |  |  | 1,785,007 |  |  | 2,148,633 |
Property, plant and equipment | 3,282,469 |  |  | 1,566,376 |  |  | 2,157,663 |  |  | 129,458 |  |  | 7,135,966 |
Intangible assets | 1,017,405 |  |  | 333,652 |  |  | 283,598 |  |  | 273,675 |  |  | 1,908,330 |
Right-of-use assets | 911,783 |  |  | 152,024 |  |  | 599,853 |  |  | 7,664 |  |  | 1,671,324 |
Other current and non-current assets | 20,944,583 |  |  | 2,156,708 |  |  | 393,368 |  |  | 3,199,162 |  |  | 26,693,821 |
Total assets (excluding intersegment transactions) | 26,302,690 |  |  | 4,209,802 |  |  | 3,650,616 |  |  | 5,394,966 |  |  | 39,558,074 |
12/31/2023 |
Assets | Ipiranga (Restated) (2) |  |  | Ultragaz |  |  | Ultracargo |  |  | Others (Restated) (1) (2) |  |  | Total |
Investments | 68,107 |  |  | 240 |  |  | 215,745 |  |  | 34,264 |  |  | 318,356 |
Property, plant and equipment | 3,224,662 |  |  | 1,438,662 |  |  | 1,698,605 |  |  | 25,652 |  |  | 6,387,581 |
Intangible assets | 1,612,584 |  |  | 282,517 |  |  | 281,054 |  |  | 377,762 |  |  | 2,553,917 |
Right-of-use assets | 907,867 |  |  | 149,698 |  |  | 622,781 |  |  | 31,180 |  |  | 1,711,526 |
Other current and non-current assets | 19,228,878 |  |  | 2,273,866 |  |  | 415,085 |  |  | 5,362,765 |  |  | 27,280,594 |
Total assets (excluding intersegment transactions) | 25,042,098 |  |  | 4,144,983 |  |  | 3,233,270 |  |  | 5,831,623 |  |  | 38,251,974 |
(1) | The “Others” column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, UVC - Fundo de investimento and share of profit (loss) of joint venture RPR.
(2) | Refers to a change on the corporate structure which the companies Eaí and Millenium became part of Ipiranga consolidated, being restated in 2023 for compability purposes.

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