6-K 1 MainDocument.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report o f Foreign Private Issuer

Pursuant t o Rule 13a-16 Or 15d-16 Of

The Securities Exchange Act Of 1934

For the month of August 20 25

Commission File Number: 001-14950

ULTRAPAR HOLDINGS INC.

(Translation of Registrant’s Name into English)

Brigadeiro Luis Antonio Avenue, 1343, 9 th Floor

São Paulo, SP, Brazil 01317-910

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ____X____ Form 40-F ________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ________ No ____X____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ________ No ____X____

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ULTRAPAR HOLDINGS INC.

TABLE OF CONTENTS

ITEM

1. | Individual and Consolidated Interim Financial Information as of and for the Quarter Ended June 30, 2025 and Report on Review of Interim Financial Information
2. | 2Q25 Earnings Release
3. | Minutes of the Meeting of the Board of Directors of Ultrapar Participações, held on August 13, 2025
4. | Notice to Shareholders

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Individual and Consolidated Interim Financial Information as of and for the Quarter Ended June 30, 2025 and Report on Review of Interim Financial Information

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Ultrapar Participações S.A. and Subsidiaries |

Table of Content | ####
Statements of financial position | 8
Statements of income | 10
Statements of comprehensive income | 11
Statements of changes in equity | 12
Statements of cash flows - indirect method | 14
Statements of value added | 17
1. Operations | 18
2. Basis of preparation and presentation of individual and consolidated interim financial information | 18
3. New accounting policies and changes in accounting policies | 22
4. Cash and cash equivalents and financial investments | 22
5. Trade receivables and reseller financing (Consolidated) | 23
6. Inventories (Consolidated) | 25
7. Recoverable taxes (Consolidated) | 25
8. Related parties | 26
9. Income and social contribution taxes | 28
10. Contractual assets with customers - exclusivity rights (Consolidated) | 30
11. Investments in subsidiaries, joint ventures and associates | 31
12. Right-of-use assets and leases payable (Consolidated) | 36
13. Property, plant, and equipment (Consolidated) | 39
14. Intangible assets (consolidated) | 40
15. Loans, financing and debentures | 42
16. Trade payables (consolidated) | 44
17. Employee benefits and private pension plan (Consolidated) | 44
18. Provisions and contingent liabilities (Consolidated) | 45
19. Subscription warrants – indemnification | 48
20. Equity | 48
21. Net revenue from sales and services (Consolidated) | 49
22. Costs, expenses and other operating results by nature | 49
23. Financial result | 50
24. Earnings per share (Parent and Consolidated) | 51
25. Segment information | 52
26. Financial instruments (Consolidated) | 57
27. Acquisition of Interest and Control | 68
28. Discontinued operation | 72
29. Events after the reporting period | 75

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(Convenience Translation into English from the Original Previously Issued in Portuguese)

Ultrapar Participações S.A.

Report on Review of Interim Financial Information
for Period Of Three And Six Months Ended on June 30, 2025

Deloitte Touche Tohmatsu Auditores Independentes Ltda.

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| Deloitte Touche Tohmatsu Av. Dr. Chucri Zaidan , 1.240 - 4o ao 12o andares - Golden Tower 04711-130 - São Paulo - SP Brazil Tel.: + 55 (11) 5186-1000 Fax: + 55 (11) 5181-2911 www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

To the Shareholders, Board of Directors and Management of

Ultrapar Participações S.A.

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Ultrapar Participações S.A. (“Company”), identified as Parent and Consolidated, respectively, included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2024, which comprises the statements of financial position as at June 30, 2024 and the related statements of income and comprehensive income for the three and six-month periods then ended, and of changes in equity and of cash flows for the six-month period then ended, including the explanatory notes.

Management is responsible for the preparation of this individual and consolidated interim financial information in accordance with technical pronouncement CPC 21(R1) and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information has not been prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34 applicable to the preparation of ITR and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM).

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 leading professional 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 and enable clients to transform and thrive. Building on its 180-year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide make an impact that matters at www.deloitte.com. © 2025. For information, contact Deloitte Global. |

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Other matters

Statements of value added

The interim financial information referred to above includes the individual and consolidated statements of value added (DVA) for the six-month period ended June 30, 2025, prepared under the responsibility of the Company’s Management, and presented as supplemental information for international standard IAS 34 purposes. These statements were subject to the review procedures performed together with the review of the ITR to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are consistent with the criteria set forth in technical pronouncement CPC 09 (R1) - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria defined in such standard and consistently with the individual and consolidated interim financial information taken as a whole.

The accompanying interim financial information has been translated into English for the convenience of readers outside Brazil.

São Paulo, August 13, 2025

DELOITTE TOUCHE TOHMATSU | Daniel Corrêa de Sá
Auditores Independentes Ltda. | Engagement Partner

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Ultrapar Participações S.A. and Subsidiaries |
Statements of financial position
As of June 30, 2025 and December 31, 2024
(In thousands of Brazilian Reais)

| ‎ | Parent |  | Consolidated
| Note | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents | 4.a | 2,223 |  | 4,186 |  | 2,897,418 |  | 2,071,593
Financial investments | 4.b | 7,431 |  | 20,100 |  | 1,088,104 |  | 2,306,927
Derivative financial instruments | 26.f | ‐ |  | - |  | 156,812 |  | 246,084
Trade receivables | 5.a | ‐ |  | ‐ |  | 3,739,280 |  | 3,540,266
Reseller financing | 5.a | ‐ |  | ‐ |  | 493,748 |  | 511,979
Inventories | 6 | ‐ |  | ‐ |  | 4,038,595 |  | 3,917,076
Recoverable taxes | 7.a | 1,168 |  | 1,323 |  | 2,022,246 |  | 2,040,008
Recoverable income and social contribution taxes | 7.b | 8,640 |  | 16,734 |  | 286,584 |  | 151,930
Energy trading futures contracts | 26.h | ‐ |  | ‐ |  | 226,359 |  | 141,257
Dividends receivable |  | 185,745 |  | ‐ |  | 1,238 |  | 3,415
Other receivables and other assets |  | 111,973 |  | 95,859 |  | 351,419 |  | 294,769
Prepaid expenses |  | 9,314 |  | 5,506 |  | 210,955 |  | 163,846
Contractual assets with customers - exclusivity rights | 10 | ‐ |  | ‐ |  | 644,450 |  | 658,571
|  | 326,494 |  | 143,708 |  | 16,157,208 |  | 16,047,721
Assets held for sale | 28 | 118,458 |  | ‐ |  | 699,844 |  | ‐
Total current assets |  | 444,952 |  | 143,708 |  | 16,857,052 |  | 16,047,721
Non-current assets |  |  |  |  |  |  |  |
Financial investments | 4.b | 300,000 |  | 300,001 |  | 2,419,997 |  | 2,819,179
Derivative financial instruments | 26.f | ‐ |  | ‐ |  | 634,774 |  | 585,294
Trade receivables | 5.a | ‐ |  | ‐ |  | 42,823 |  | 27,003
Reseller financing | 5.a | ‐ |  | ‐ |  | 718,384 |  | 766,045
Related parties | 8 | 7,368 |  | 7,076 |  | 59,653 |  | 48,309
Deferred income and social contribution taxes | 9.a | 135,120 |  | 142,630 |  | 896,198 |  | 936,941
Recoverable taxes | 7.a | 74 |  | 74 |  | 3,301,582 |  | 2,650,269
Recoverable income and social contribution taxes | 7.b | 7,196 |  | 7,196 |  | 312,313 |  | 346,137
Energy trading futures contracts | 26.h | ‐ |  | ‐ |  | 314,025 |  | 263,438
Escrow deposits | 18.a | 13,363 |  | 12,615 |  | 470,548 |  | 446,076
Indemnification asset - business combination | 18.c | ‐ |  | ‐ |  | 152,149 |  | 126,098
Other receivables and other assets |  | 5,214 |  | 2,607 |  | 234,819 |  | 117,076
Prepaid expenses |  | 20,598 |  | 18,989 |  | 57,431 |  | 40,904
Contractual assets with customers - exclusivity rights | 10 | ‐ |  | ‐ |  | 1,444,020 |  | 1,473,331
Investments in subsidiaries, joint ventures and associates | 11 | 15,209,631 |  | 14,898,466 |  | 509,765 |  | 2,148,633
Right-of-use assets, net | 12 | 6,092 |  | 7,664 |  | 1,939,621 |  | 1,671,324
Property, plant and equipment, net | 13 | 65,299 |  | 68,447 |  | 11,582,867 |  | 7,135,966
Intangible assets, net | 14 | 271,505 |  | 273,674 |  | 3,660,172 |  | 1,908,330
Total non-current assets |  | 16,041,460 |  | 15,739,439 |  | 28,751,141 |  | 23,510,353
Total assets |  | 16,486,412 |  | 15,883,147 |  | 45,608,193 |  | 39,558,074

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Ultrapar Participações S.A. and Subsidiaries |
Statements of financial position
As of June 30, 2025 and December 31, 2024
(In thousands of Brazilian Reais)

| ‎ | Parent |  | Consolidated
| Note | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Trade payables | 16.a | 37,087 |  | 25,423 |  | 2,855,419 |  | 3,518,385
Trade payables - reverse factoring | 16.b | ‐ |  | ‐ |  | 257,822 |  | 1,014,504
Loans, financing and debentures | 15 | ‐ |  | ‐ |  | 3,030,887 |  | 3,478,673
Derivative financial instruments | 26.f | ‐ |  | ‐ |  | 157,448 |  | 74,087
Salaries and related charges |  | 31,539 |  | 44,191 |  | 438,265 |  | 480,285
Taxes payable |  | 266 |  | 903 |  | 225,743 |  | 151,230
Energy trading futures contracts | 26.h | ‐ |  | ‐ |  | 175,687 |  | 66,729
Dividends payable |  | 13,924 |  | 293,165 |  | 86,197 |  | 327,471
Income and social contribution taxes payable |  | 370 |  | 175 |  | 347,561 |  | 322,074
Post-employment benefits | 17.a | ‐ |  | ‐ |  | 24,098 |  | 24,098
Provision for decarbonization credit |  | ‐ |  | ‐ |  | 56,357 |  | ‐
Provisions for tax, civil and labor risks | 18.a | 396 |  | 431 |  | 70,643 |  | 47,788
Leases payable | 12.b | 2,834 |  | 3,012 |  | 375,534 |  | 316,460
Financial liabilities of customers |  | ‐ |  | ‐ |  | 92,544 |  | 117,090
Other payables |  | 201 |  | 2,069 |  | 613,313 |  | 554,327
|  | 86,617 |  | 369,369 |  | 8,807,518 |  | 10,493,201
Liabilities held for sale | 28 | ‐ |  | ‐ |  | 472,243 |  | ‐
Total current liabilities |  | 86,617 |  | 369,369 |  | 9,279,761 |  | 10,493,201
Non-current liabilities |  |  |  |  |  |  |  |
Loans, financing and debentures | 15 | ‐ |  | ‐ |  | 14,158,009 |  | 10,381,837
Derivative financial instruments | 26.f | ‐ |  | ‐ |  | 294,551 |  | 367,513
Energy trading futures contracts | 26.h | ‐ |  | ‐ |  | 107,166 |  | 48,047
Related parties | 8 | 2,875 |  | 2,875 |  | 3,679 |  | 3,516
Deferred income and social contribution taxes | 9.a | ‐ |  | ‐ |  | 724,511 |  | 132,825
Post-employment benefits | 17.a | 1,690 |  | 1,517 |  | 208,818 |  | 198,778
Provisions for tax, civil and labor risks | 18.a | 146,628 |  | 197,396 |  | 625,222 |  | 610,572
Leases payable | 12.b | 4,302 |  | 5,698 |  | 1,373,563 |  | 1,168,692
Financial liabilities of customers |  | ‐ |  | ‐ |  | 29,760 |  | 63,135
Subscription warrants - indemnification | 19 | 51,549 |  | 47,745 |  | 51,549 |  | 47,745
Provision for loss on investment | 11 | 78,507 |  | 68,530 |  | 19,820 |  | 349
Other payables |  | 40,560 |  | 31,299 |  | 336,015 |  | 218,420
Total non-current liabilities |  | 326,111 |  | 355,060 |  | 17,932,663 |  | 13,241,429
Equity |  |  |  |  |  |  |  |
Share capital | 20.a | 6,621,752 |  | 6,621,752 |  | 6,621,752 |  | 6,621,752
Equity instrument granted | 20.b | 114,972 |  | 108,253 |  | 114,972 |  | 108,253
Capital reserve | 20.d | 611,664 |  | 612,048 |  | 611,664 |  | 612,048
Treasury shares | 20.c | (810,331) |  | (596,400) |  | (810,331) |  | (596,400)
Revaluation reserve | 20.d | 3,543 |  | 3,632 |  | 3,543 |  | 3,632
Profit reserves | 20.e | 7,987,100 |  | 8,195,221 |  | 7,987,100 |  | 8,195,221
Retained earnings |  | 1,421,253 |  | ‐ |  | 1,421,253 |  | ‐
Accumulated other comprehensive income |  | 150,810 |  | 214,212 |  | 150,810 |  | 214,212
Shareholder transactions |  | (27,079) |  | ‐ |  | (27,079) |  | ‐
Ultrapar shareholders’ equity |  | 16,073,684 |  | 15,158,718 |  | 16,073,684 |  | 15,158,718
Non-controlling interests | 11 | ‐ |  | ‐ |  | 2,322,085 |  | 664,726
Total equity |  | 16,073,684 |  | 15,158,718 |  | 18,395,769 |  | 15,823,444
Total liabilities |  | 16,486,412 |  | 15,883,147 |  | 45,608,193 |  | 39,558,07 4

The accompanying notes are an integral part of the interim financial information.

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Ultrapar Participações S.A. and Subsidiaries |
Statements of income
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais, except earnings per thousand shares)

| ‎ |  | Parent |  | Consolidated
| Note |  | 04/01/2025 to 06/30/2025 |  | 01/01/2025 to 06/30/2025 |  | 04/01/2024 to 06/30/2024 |  | 01/01/2024 to 06/30/2024 |  | 04/01/2025 to 06/30/2025 |  | 01/01/2025 to 06/30/2025 |  | 04/01/2024 to 06/30/2024 |  | 01/01/2024 to 06/30/2024
Continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenue from sales and services | 21 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 34,055,043 |  | 67,384,305 |  | 32,343,947 |  | 62,739,849
Cost of products and services sold | 22 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (31,907,336) |  | (63,094,967) |  | (30,235,855) |  | (58,570,545)
Gross profit |  |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 2,147,707 |  | 4,289,338 |  | 2,108,092 |  | 4,169,304
Operating income (expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and marketing | 22 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (648,523) |  | (1,250,088) |  | (644,129) |  | (1,213,129)
General and administrative | 22 |  | (14,993) |  | (27,628) |  | (12,177) |  | (24,765) |  | (539,384) |  | (1,057,746) |  | (513,502) |  | (954,302)
Results from disposal of assets |  |  | (29) |  | 2 |  | 6 |  | 47 |  | 15,394 |  | 20,701 |  | 37,073 |  | 73,881
Other operating income (expenses), net | 22 |  | 50,751 |  | 50,301 |  | (3,363) |  | 31,855 |  | 450,056 |  | 363,553 |  | (88,242) |  | (226,029)
Operating result before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes |  |  | 35,729 |  | 22,675 |  | (15,534) |  | 7,137 |  | 1,425,250 |  | 2,365,758 |  | 899,292 |  | 1,849,725
Share of profit (loss) of subsidiaries, joint ventures and associates | 11 |  | 1,063,301 |  | 1,397,065 |  | 422,983 |  | 838,361 |  | 41,418 |  | (107,665) |  | (8,013) |  | (11,097)
Amortization of fair value adjustments on associates acquisition | 11 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (402) |  | (805) |  | (1,682) |  | (1,682)
Gain on acquisition of control of associate | 27.b |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 91,105 |  | 91,105 |  | ‐ |  | ‐
Total share of profit (loss) of subsidiaries, joint ventures and associates |  |  | 1,063,301 |  | 1,397,065 |  | 422,983 |  | 838,361 |  | 132,121 |  | (17,365) |  | (9,695) |  | (12,779)
Income before financial result and income and social contribution taxes |  |  | 1,099,030 |  | 1,419,740 |  | 407,449 |  | 845,498 |  | 1,557,371 |  | 2,348,393 |  | 889,597 |  | 1,836,946
Financial income | 23 |  | 10,699 |  | 27,980 |  | 23,126 |  | 42,872 |  | 644,368 |  | 821,258 |  | 280,585 |  | 440,780
Financial expenses | 23 |  | (2,330) |  | (6,917) |  | (4,121) |  | (22,763) |  | (675,781) |  | (1,032,640) |  | (486,333) |  | (929,297)
Financial result, net | 23 |  | 8,369 |  | 21,063 |  | 19,005 |  | 20,109 |  | (31,413) |  | (211,382) |  | (205,748) |  | (488,517)
Income before income and social contribution taxes |  |  | 1,107,399 |  | 1,440,803 |  | 426,454 |  | 865,607 |  | 1,525,958 |  | 2,137,011 |  | 683,849 |  | 1,348,429
Income and social contribution taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 9.b; 9.c |  | (950) |  | (950) |  | ‐ |  | (10,592) |  | (306,859) |  | (471,298) |  | (306,861) |  | (394,725)
Deferred | 9.b |  | (6,952) |  | (7,510) |  | 11,461 |  | 14,374 |  | (47,177) |  | (130,607) |  | 114,225 |  | (7,045)
|  |  | (7,902) |  | (8,460) |  | 11,461 |  | 3,782 |  | (354,036) |  | (601,905) |  | (192,636) |  | (401,770)
Net income from continuing operations |  |  | 1,099,497 |  | 1,432,343 |  | 437,915 |  | 869,389 |  | 1,171,922 |  | 1,535,106 |  | 491,213 |  | 946,659
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from discontinued operations | 28 |  | (11,133) |  | (11,133) |  | ‐ |  | ‐ |  | (21,390) |  | (21,390) |  | ‐ |  | ‐
Net income for the period |  |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389 |  | 1,150,532 |  | 1,513,716 |  | 491,213 |  | 946,659
Income attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders of Ultrapar |  |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389 |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389
Non-controlling interests in subsidiaries | 11 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 62,168 |  | 92,506 |  | 53,298 |  | 77,270
Total earnings per share from continuing operations (based on the weighted average number of shares outstanding) – R$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 24 |  | 1.0103 |  | 1.3128 |  | 0.3969 |  | 0.7895 |  | 1.0103 |  | 1.3128 |  | 0.3969 |  | 0.7895
Diluted | 24 |  | 0.9910 |  | 1.2902 |  | 0.3912 |  | 0.7794 |  | 0.9910 |  | 1.2902 |  | 0.3912 |  | 0.7794
Earnings per share from discontinued operations (based on the weighted average number of shares outstanding) – R$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 24 |  | (0.0102) |  | (0.0102) |  | ‐ |  | ‐ |  | (0.0102) |  | (0.0102) |  | ‐ |  | ‐
Diluted | 24 |  | (0.0100) |  | (0.0100) |  | ‐ |  | ‐ |  | (0.0100) |  | (0.0100) |  | ‐ |  | ‐
Total earnings per share (based on the weighted average number of shares outstanding) – R$ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | 24 |  | 1.0001 |  | 1.3026 |  | 0.3969 |  | 0.7895 |  | 1.0001 |  | 1.3026 |  | 0.3969 |  | 0.7895
Diluted | 24 |  | 0.9810 |  | 1.2801 |  | 0.3912 |  | 0.7794 |  | 0.9810 |  | 1.2801 |  | 0.3912 |  | 0.7794

The accompanying notes are an integral part of the interim financial information.

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Ultrapar Participações S.A. and Subsidiaries |
Statements of comprehensive income
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais)

|  | Parent |  | Consolidated
| Note | 04/01/2025 to 06/30/2025 |  | 01/01/2025 to 06/30/2025 |  | 04/01/2024 to 06/30/2024 |  | 01/01/2024 to 06/30/2024 |  | 04/01/2025 to 06/30/2025 |  | 01/01/2025 to 06/30/2025 |  | 04/01/2024 to 06/30/2024 |  | 01/01/2024 to 06/30/2024
Net income for the period, attributable to shareholders of Ultrapar |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389 |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389
Net income for the period, attributable to non-controlling interests in subsidiaries |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 62,168 |  | 92,506 |  | 53,298 |  | 77,270
Net income for the period |  | 1,088,364 |  | 1,421,210 |  | 437,915 |  | 869,389 |  | 1,150,532 |  | 1,513,716 |  | 491,213 |  | 946,659
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 |  | (40,512) |  | (33,765) |  | 405 |  | 8,629 |  | (34,339) |  | (27,592) |  | 405 |  | 8,629
Translation adjustments and hedge accounting effects, net of taxes |  | (33,051) |  | (29,637) |  | ‐ |  | ‐ |  | (59,848) |  | (56,434) |  | ‐ |  | ‐
Total comprehensive income for the period |  | 1,014,801 |  | 1,357,808 |  | 438,320 |  | 878,018 |  | 1,056,345 |  | 1,429,690 |  | 491,618 |  | 955,288
Total comprehensive income for the period attributable to shareholders of Ultrapar |  | 1,014,801 |  | 1,357,808 |  | 438,320 |  | 878,018 |  | 1,014,801 |  | 1,357,808 |  | 438,320 |  | 878,018
Total comprehensive income for the period attributable to non-controlling interests in subsidiaries |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 41,544 |  | 71,882 |  | 53,298 |  | 77,270

The accompanying notes are an integral part of the interim financial information.

11

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Statements of changes in equity
For the periods ended June 30, 2025 and 2024
(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 |  | Shareholder transactions |  | Retained earnings |  | Shareholders of Ultrapar |  | Non-controlling interests (i) |  | 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 period |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 1,421,210 |  | 1,421,210 |  | 92,506 |  | 1,513,716
Other comprehensive income |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (63,402) |  | - |  | ‐ |  | (63,402) |  | (20,624) |  | (84,026)
Total comprehensive income for the period |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (63,402) |  | - |  | 1,421,210 |  | 1,357,808 |  | 71,882 |  | 1,429,690
Issuance of shares related to the subscription warrants - indemnification |  | ‐ |  | ‐ |  | 1,126 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 1,126 |  | ‐ |  | 1,126
Equity instrument granted | 8.d; 20.b | ‐ |  | 6,719 |  | (5,958) |  | 30,403 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 31,164 |  | (2,672) |  | 28,492
Purchase of treasury shares | 20.c | ‐ |  | ‐ |  | - |  | (244,334) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (244,334) |  | ‐ |  | (244,334)
Capital increase of non-controlling shareholders |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 12,150 |  | 12,150
Non-controlling interest in the equity of acquired subsidiary – Hidrovias | 27.b | ‐ |  | ‐ |  | ‐ |  | ‐ |  | - |  | ‐ |  | ‐ |  | ‐ |  | - |  | ‐ |  | 1,666,929 |  | 1,666,929
Variation in change of ownership interest of non-controlling shareholders |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (42,244) |  | (42,244)
Realization of capital reserve |  | - |  | - |  | 4,448 |  | - |  | - |  | - |  | - |  | - |  | - |  | 4,448 |  | - |  | 4,448
Realization of revaluation reserve |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (89) |  | ‐ |  | ‐ |  | ‐ |  | 89 |  | ‐ |  | ‐ |  | ‐
Shareholder transaction |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (27,079) |  | (46) |  | (27,125) |  | (419) |  | (27,544)
Dividends and interest on capital attributable to non-controlling interests |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (48,267) |  | (48,267)
Additional dividends | 20.e | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (208,121) |  | ‐ |  | ‐ |  | ‐ |  | (208,121) |  | ‐ |  | (208,121)
Balance as of June 30, 2025 |  | 6,621,752 |  | 114,972 |  | 611,664 |  | (810,331) |  | 3,543 |  | 7,987,100 |  | 150,810 |  | (27,079) |  | 1,421,253 |  | 16,073,684 |  | 2,322,085 |  | 18,395,769

12

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Statements of changes in equity
For the periods ended June 30, 2025 and 2024
(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 |  | Retained earnings |  | Shareholders of Ultrapar |  | Non-controlling interests (i) |  | 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 period |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 869,389 |  | 869,389 |  | 77,270 |  | 946,659
Other comprehensive income |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 8,629 |  | ‐ |  | 8,629 |  | ‐ |  | 8,629
Total comprehensive income for the period |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 8,629 |  | 869,389 |  | 878,018 |  | 77,270 |  | 955,288
Issuance of shares related to the subscription warrants - indemnification |  | ‐ |  | ‐ |  | 5,631 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 5,631 |  | ‐ |  | 5,631
Equity instrument granted | 8.d; 20.b | ‐ |  | 5,566 |  | 1,888 |  | 20,226 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 27,680 |  | ‐ |  | 27,680
Realization of revaluation reserve of subsidiaries |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (88) |  | ‐ |  | ‐ |  | 88 |  | ‐ |  | ‐ |  | ‐
Shareholder transaction - changes of ownership interest |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 9 |  | 9 |  | 337 |  | 346
Non-controlling interest in acquired subsidiary |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 13,501 |  | 13,501
Allocation of net income: |  |  |  |  |  |  |  |  |  |  |  | ‐ |  |  |  |  |  |  |  |  |  |
Interest on equity attributable to non-controlling interests |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (43,996) |  | (43,996)
Dividends attributable to non-controlling interests |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (394) |  | (394)
Approval of additional dividends by the Ordinary General Shareholders’ Meeting |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (134,031) |  | ‐ |  | ‐ |  | (134,031) |  | ‐ |  | (134,031)
Balance as of June 30, 2024 |  | 6,621,752 |  | 81,491 |  | 605,347 |  | (450,284) |  | 3,714 |  | 6,389,559 |  | 162,737 |  | 869,486 |  | 14,283,802 |  | 570,049 |  | 14,853,851

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

The accompanying notes are an integral part of the interim financial information.

13

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Statements of cash flows - indirect method
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais)

|  | Parent |  | Consolidated
| Note | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net income from continuing operations |  | 1,432,343 |  | 869,389 |  | 1,535,106 |  | 946,659
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 | (1,397,065) |  | (838,361) |  | 108,470 |  | 12,779
Amortization of contractual assets with customers - exclusivity rights | 10 | ‐ |  | ‐ |  | 218,580 |  | 254,977
Amortization of right-of-use assets | 12 | 1,454 |  | 1,362 |  | 171,734 |  | 149,925
Depreciation and amortization | 13; 14 | 7,819 |  | 7,430 |  | 526,211 |  | 453,800
Interest, monetary variations and foreign exchange variations |  | (23,326) |  | 6,397 |  | 223,575 |  | 691,925
Current and deferred income and social contribution taxes | 9.b | 8,461 |  | (3,782) |  | 601,905 |  | 401,770
Gain (loss) on disposal or write-off of assets |  | (2) |  | (35,286) |  | (31,390) |  | (109,120)
Equity instrument granted |  | 1,656 |  | 17,416 |  | 6,719 |  | 27,680
Gain (loss) on the fair value of energy contracts |  | ‐ |  | ‐ |  | 33,830 |  | ‐
Provision for decarbonization - CBIO |  | ‐ |  | ‐ |  | 220,453 |  | 321,269
Revaluation of investment in associates |  | ‐ |  | ‐ |  | (91,105) |  | ‐
Other provisions and adjustments |  | (57,988) |  | (9,453) |  | (9,813) |  | 69,656
|  | (26,648) |  | 15,112 |  | 3,514,275 |  | 3,221,320
(Increase) decrease in assets |  |  |  |  |  |  |  |
Trade receivables and reseller financing | 5 | ‐ |  | ‐ |  | (60,958) |  | (243,141)
Inventories | 6 | ‐ |  | ‐ |  | 43,494 |  | 297,265
Recoverable taxes |  | 8,249 |  | 33,125 |  | (186,591) |  | 203,275
Dividends received from subsidiaries, associates and joint ventures |  | 1,064,184 |  | 526,166 |  | 2,177 |  | 2,010
Other assets |  | (25,993) |  | (22,907) |  | (43,382) |  | (132,392)
Increase (decrease) in liabilities |  |  |  |  |  |  |  |
Trade payables and trade payables - reverse factoring | 16 | 11,664 |  | 4,300 |  | (1,517,726) |  | (1,057,212)
Salaries and related charges |  | (12,652) |  | (16,725) |  | (88,846) |  | (95,850)
Taxes payable |  | (637) |  | (905) |  | (2,190) |  | (38,407)
Income and social contribution taxes payable |  | 3,693 |  | (31,012) |  | (459,809) |  | (512,217)
Other liabilities |  | 36,927 |  | (14,054) |  | 168,341 |  | (107,044)
Acquisition of CBIO and carbon credits | 14 | ‐ |  | ‐ |  | (245,017) |  | (450,852)
Payments of contractual assets with customers - exclusivity rights | 10 | ‐ |  | ‐ |  | (151,409) |  | (195,748)
Payment of contingencies |  | ‐ |  | ‐ |  | (10,227) |  | (30,896)
Income and social contribution taxes paid |  | ‐ |  | (2,920) |  | (41,210) |  | (135,603)
Net cash provided (consumed) by continuing operating activities |  | 1,058,787 |  | 490,180 |  | 920,922 |  | 724,508
Net cash provided (consumed) by discontinued operating activities |  | ‐ |  | ‐ |  | 20,631 |  | ‐
Net cash provided (consumed) by operating activities |  | 1,058,787 |  | 490,180 |  | 941,553 |  | 724,508

14

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Statements of cash flows - indirect method
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais)

|  | Parent |  | Consolidated
| Note | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |
Financial investments, net of redemptions | 4.b | 32,646 |  | 142,736 |  | 1,297,518 |  | (2,086,350)
Acquisition of property, plant and equipment and intangible assets | 13; 14 | (2,503) |  | (72,853) |  | (860,581) |  | (683,353)
Cash provided by disposal of investments and property, plant and equipment |  | - |  | 42,893 |  | 74,131 |  | 976,968
Capital increase in subsidiaries, associates and joint ventures | 11 | (357,090) |  | (584,085) |  | - |  | -
Net cash consumed in the purchase of investments and other assets |  | - |  | - |  | (448,298) |  | (1,102,884)
Net cash acquired in business combination |  | - |  | ‐ |  | 1,155,510 |  | -
Net cash provided (consumed) by continuing investing activities |  | (326,947) |  | (471,309) |  | 1,218,280 |  | (2,895,619)
Net cash provided (consumed) by discontinued investing activities |  | ‐ |  | ‐ |  | (7,591) |  | ‐
Net cash provided (consumed) by investing activities |  | (326,947) |  | (471,309) |  | 1,210,689 |  | (2,895,619)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Loans, financing and debentures |  |  |  |  |  |  |  |
Proceeds | 15 | ‐ |  | ‐ |  | 4,685,905 |  | 2,856,034
Repayments | 15 | ‐ |  | ‐ |  | (3,981,234) |  | (1,386,628)
Interest and derivatives (paid) or received |  | ‐ |  | 7,838 |  | (977,293) |  | (629,519)
Payments of lease |  |  |  |  |  |  |  |
Principal | 12.b | (1,587) |  | (1,246) |  | (133,374) |  | (139,412)
Interest paid | 12.b | (230) |  | (463) |  | (69,243) |  | (81,328)
Dividends paid |  | (487,360) |  | (436,665) |  | (497,696) |  | (461,204)
Payments of financial liabilities of customers |  | ‐ |  | ‐ |  | (68,510) |  | (81,888)
Capital increase made by non-controlling shareholders and redemption of shares |  | ‐ |  | ‐ |  | 18,700 |  | 13,500

15

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Statements of cash flows - indirect method
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais)

|  | Parent |  | Consolidated
| Note | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Capital decrease |  |  |  |  |  |  |  |
Repurchase of treasury shares |  | (244,334) |  | ‐ |  | (244,334) |  | ‐
Related parties | - | (292) |  | (398) |  | (4,952) |  | (13,401)
Net cash provided (consumed) by continuing financing activities |  | (733,803) |  | (430,934) |  | (1,272,031) |  | 76,154
Net cash provided (consumed) by discontinued financing activities |  | ‐ |  | ‐ |  | (12,833) |  | ‐
Net cash provided (consumed) by financing activities |  | (733,803) |  | (430,934) |  | (1,284,864) |  | 76,154
Effect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations |  | ‐ |  | ‐ |  | (41,346) |  | ‐
Effect of exchange rate changes on cash and cash equivalents in foreign currency - discontinued operations |  | ‐ |  | ‐ |  | ‐ |  | ‐
Increase (decrease) in cash and cash equivalents - continuing operations |  | (1,963) |  | (412,063) |  | 825,825 |  | (2,094,957)
Increase (decrease) in cash and cash equivalents - discontinued operations |  | ‐ |  | ‐ |  | 207 |  | ‐
Cash and cash equivalents at the beginning of the period - continuing operations | 4.a | 4,186 |  | 412,840 |  | 2,071,593 |  | 5,925,688
Cash and cash equivalents at the beginning of the period - discontinued operations |  | ‐ |  | ‐ |  | 11,313 |  | ‐
Cash and cash equivalents at the end of the period - continuing operations | 4.a | 2,223 |  | 777 |  | 2,897,418 |  | 3,830,731
Cash and cash equivalents at the end of the period - discontinued operations |  | ‐ |  | ‐ |  | 11,520 |  | ‐
Non-cash transactions: |  |  |  |  |  |  |  |
Addition on right-of-use assets and leases payable |  | ‐ |  | ‐ |  | 156,287 |  | 97,809
Addition on contractual assets with customers - exclusivity rights |  | ‐ |  | ‐ |  | 23,739 |  | 27,827
Reclassification between financial assets and investment in associates |  | ‐ |  | ‐ |  | 7,397 |  | 645,333

The accompanying notes are an integral part of the interim financial information.

16

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Ultrapar Participações S.A. and Subsidiaries |
Statements of value added
For the periods ended June 30, 2025 and 2024
(In thousands of Brazilian Reais)

| ‎ | Parent |  | Consolidated
| Note | 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Revenues |  |  |  |  |  |  |  |
Gross revenue from sales and services, except rents and royalties |  | ‐ |  | ‐ |  | 69,859,366 |  | 65,252,229
Rebates, discounts and returns |  | ‐ |  | ‐ |  | (483,469) |  | (514,560)
Allowance for expected credit losses | 5 | ‐ |  | ‐ |  | (22,664) |  | (12,423)
Amortization of contractual assets with customers - exclusivity rights | 10 | ‐ |  | ‐ |  | (218,580) |  | (254,977)
Gain (loss) on disposal of assets and other operating income (expenses), net |  | 50,303 |  | 31,901 |  | 384,254 |  | (152,155)
|  | 50,303 |  | 31,901 |  | 69,518,907 |  | 64,318,114
Materials purchased from third parties |  |  |  |  |  |  |  |
Cost of products and services sold |  | ‐ |  | ‐ |  | (6 3,170,560) |  | (58,594,835)
Materials, energy, third-party services and others |  | 120,451 |  | 103,558 |  | (945,130) |  | (911,480)
Provision for assets losses |  | ‐ |  | ‐ |  | ‐ |  | 253
|  | 120,451 |  | 103,558 |  | (64,115,690) |  | (59,506,062)
Gross value added |  | 170,754 |  | 135,459 |  | 5,403,217 |  | 4,812,052
Retentions |  |  |  |  |  |  |  |
Depreciation and amortization of intangible assets and right-of-use assets | 12.a; 13; 14 | (9,273) |  | (8,792) |  | (697,945) |  | (603,725)
|  | (9,273) |  | (8,792) |  | (697,945) |  | (603,725)
Net value added produced by the Company |  | 161,481 |  | 126,667 |  | 4,705,272 |  | 4,208,327
Value added received in transfer |  |  |  |  |  |  |  |
Total share of profit (loss) of subsidiaries, joint ventures and associates | 11 | 1,397,065 |  | 838,361 |  | (17,365) |  | (12,779)
Rents and royalties |  | ‐ |  | ‐ |  | 159,123 |  | 160,235
Financial income | 23 | 27,980 |  | 42,872 |  | 821,258 |  | 440,780
|  | 1,425,045 |  | 881,233 |  | 963,016 |  | 588,236
Value added from continuing operations available for distribution |  | 1,586,526 |  | 1,007,900 |  | 5,668,288 |  | 4,796,563
Value added from discontinued operations available for distribution |  | (11,133) |  | ‐ |  | (21,390) |  | ‐
Total value added available for distribution |  | 1,575,393 |  | 1,007,900 |  | 5,646,898 |  | 4,796,563
Distribution of value added |  |  |  |  |  |  |  |
Personnel and related charges |  |  |  |  |  |  |  |
Salaries and wages |  | 100,514 |  | 84,817 |  | 833,868 |  | 727,991
Benefits |  | 15,342 |  | 13,166 |  | 243,556 |  | 222,162
Government Severance Indemnity Fund for Employees (FGTS) |  | 4,536 |  | 3,874 |  | 51,852 |  | 52,318
Others |  | 4,490 |  | 4,745 |  | 52,515 |  | 118,414
|  | 124,882 |  | 106,602 |  | 1,181,791 |  | 1,120,885
Taxes, fees, and contributions |  |  |  |  |  |  |  |
Federal |  | 19,551 |  | 23,591 |  | 1,568,203 |  | 1,438,744
State |  | ‐ |  | ‐ |  | 242,592 |  | 272,304
Municipal |  | 222 |  | 103 |  | 97,529 |  | 80,247
|  | 19,773 |  | 23,694 |  | 1,908,324 |  | 1,791,295
Financial expenses and rents |  |  |  |  |  |  |  |
Interest, foreign exchange variations and financial instruments |  | 1,898 |  | 1,310 |  | 880,359 |  | 829,736
Rents |  | 2,304 |  | 3,097 |  | 69,328 |  | 53,040
Others |  | 5,326 |  | 3,808 |  | 93,380 |  | 54,948
|  | 9,528 |  | 8,215 |  | 1,043,067 |  | 937,724
Remuneration of own capital |  |  |  |  |  |  |  |
Interest on capital and dividends |  | ‐ |  | ‐ |  | 48,267 |  | 43,996
Retained earnings |  | 1,432,343 |  | 869,389 |  | 1,486,839 |  | 902,663
|  | 1,432,343 |  | 869,389 |  | 1,535,106 |  | 946,659
Value added from continuing operations distributed |  | 1,586,526 |  | 1,007,900 |  | 5,668,288 |  | 4,796,563
Value added from discontinued operations distributed |  | (11,133) |  | ‐ |  | (21,390) |  | ‐
Value added distributed |  | 1,575,393 |  | 1,007,900 |  | 5,646,898 |  | 4,796,563

The accompanying notes are an integral part of the interim financial information.

17

Table of Contents

Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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 25.

This interim financial information was authorized for issuance by the Board of Directors on August 13, 2025.

a. Principles of consolidation and interest in subsidiaries

a.1 Principles of consolidation

In the preparation of the consolidated interim financial information 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 information of subsidiaries to bring their accounting policies into line with the Company’s accounting policies.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

a.2 Interest in subsidiaries

The consolidated interim financial information includes the following direct and indirect subsidiaries:

|  |  |  |  | Interest % rounded
|  |  |  |  | 06/30/2025 |  | 12/31/2024
|  |  |  |  | Control |  | Control
|  | Location | Segment |  | Direct |  | Indirect |  | Direct |  | Indirect
Ultra Mobilidade S.A. (1) |  | Brazil | Ipiranga |  | 100 |  | - |  | 100 |  | -
Centro de Conveniências Millennium Ltda. and subsidiaries (2) |  | Brazil | Ipiranga |  | - |  | - |  | - |  | 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 |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | -
Neodiesel Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Serra Diesel Transportador Revendedor Retalhista Ltda. |  | Brazil | Ipiranga |  | - |  | 60 |  | - |  | 60
Neoagro Diesel Ltda. (4) |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | -
Ipiranga Produtos de Petróleo S.A. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
am/pm Comestíveis Ltda. |  | Brazil | Ipiranga |  | - |  | - |  | - |  | 100
Glazed Brasil S.A. (“Krispy Kreme”) |  | Brazil | Ipiranga |  | - |  | - |  | - |  | 55
Ipiranga Trading Limited |  | British Virgin Islands | Ipiranga |  | - |  | 100 |  | - |  | 100
Ipiranga Imobiliária Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Ipiranga Logística Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Oil Trading Importadora e Exportadora Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Iconic Lubrificantes S.A. |  | Brazil | Ipiranga |  | - |  | 56 |  | - |  | 56
Integra Frotas Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Irupé Biocombustíveis Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Ipiranga Trading North America LLC. |  | United States | Ipiranga |  | - |  | 100 |  | - |  | 100
Ipiranga Trading Middle East DMCC |  | Dubai | Ipiranga |  | - |  | 100 |  | - |  | 100
Ipiranga Trading Europe S.A. |  | Switzerland | Ipiranga |  | - |  | 100 |  | - |  | 100
Eaí Clube Automobilista S.A. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Abastece Aí Participações S.A. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Abastece Aí Clube Automobilista Instituição de Pagamento Ltda. |  | Brazil | Ipiranga |  | - |  | 100 |  | - |  | 100
Companhia Ultragaz S.A. |  | Brazil | Ultragaz |  | 99 |  | - |  | 99 |  | -
Ultragaz Energia Ltda. and subsidiaries |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100
Nova Paraná Distribuidora de Gás Ltda. |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100
Utingás Armazenadora S.A. |  | Brazil | Ultragaz |  | - |  | 57 |  | - |  | 57
Bahiana Distribuidora de Gás Ltda. |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100
NEOgás do Brasil Gás Natural Comprimido S.A. |  | Brazil | Ultragaz |  | - |  | 100 |  | - |  | 100
Wtz Participações S.A. |  | Brazil | Ultragaz |  | - |  | 52 |  | - |  | 52
UVC Investimentos Ltda. |  | Brazil | Others |  | 100 |  | - |  | 100 |  | -
Ultra Logística Ltda. |  | Brazil | Hidrovias |  | 100 |  | - |  | 100 |  | -
Hidrovias do Brasil S.A. (5) |  | Brazil | Hidrovias |  | - |  | 52 |  | - |  | -
Hidrovias do Brasil – Vila do Conde S.A. |  | Brazil | Hidrovias |  | - |  | 100 |  | - |  | -
Hidrovias do Brasil – Cabotagem Ltda. (6) |  | Brazil | Hidrovias |  | - |  | 100 |  | - |  | -
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. (7) |  | Brazil | Ultracargo |  | - |  | - |  | - |  | 99
Ultracargo Soluções Logísticas S.A. |  | Brazil | Ultracargo |  | - |  | - |  | - |  | 100
Ultracargo Logística S.A. |  | Brazil | Ultracargo |  | 99 |  | - |  | - |  | -
Ultracargo Soluções Logísticas S.A. |  | Brazil | Ultracargo |  | - |  | 100 |  | - |  | -
Ultrapar International S.A. |  | Luxembourg | Others |  | 100 |  | - |  | 100 |  | -
Imaven Imóveis Ltda. |  | Brazil | Others |  | 100 |  | - |  | 100 |  | -

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

(1) | On January 2, 2025, the name of subsidiary Ultrapar Mobilidade Ltda. was changed to Ultra Mobilidade S.A.
(2) | On January, 2025, indirect subsidiary Centro de Conveniências Millenium. and subsidiaries started being directly controlled by am/pm Comestíveis Ltda.
(3) | On 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 May 2025, subsidiary Ultra Logística Ltda. became the controlling shareholder of Hidrovias. For further details, see Note 27.b.
(6) | The information on Hidrovias do Brasil – Cabotagem is presented as Discontinued Operation according to Note 28.
(7) | On January 2, 2025, indirect subsidiary Ultracargo Logística S.A started being directly controlled by Ultrapar.

b. Main events that occurred in the period

b.1 Acquisition of significant stake in Hidrovias

During the period ended June 30, 2025, the Company, through its subsidiary Ultra Logística, acquired additional shares in Hidrovias do Brasil S.A (“Hidrovias”), reaching an interest of 52.05% in the share capital of this investee (41.94% as of December 31, 2024), and became the controlling shareholder of Hidrovias. For further information, see Note 27.b.

2. Basis of preparation and presentation of individual and consolidated interim financial information

The individual and consolidated interim financial information ("interim financial information"), identified as Parent and Consolidated, was prepared in accordance with the International Accounting Standard ("IAS") 34 – Interim Financial Reporting issued by the International Accounting Standards Board ("IASB"), and in accordance with the pronouncement CPC 21 (R1) – Interim Financial Reporting, issued by the Brazilian Accounting Pronouncements Committee (“CPC”), approved by the Brazilian Federal Accounting Council (“CFC”) and presented in accordance with the rules issued by the Securities and Exchange Commission of Brazil (“CVM”).

The Company’s interim financial information is presented in thousands of Brazilian Real (“R$”), which is the Company’s functional currency, and the interim financial information was prepared using information from Ultrapar and its subsidiaries on the same base date, unless otherwise stated.

The preparation of the interim financial information requires management to make judgments, use estimates and adopt 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. For the six-month period ended June 30, 2025, no changes were observed in such judgments, estimates and assumptions in relation to those disclosed as of December 31, 2024.

The interim financial information has been prepared on a historical cost basis, except for the following material items recognized in the statements of financial position:

| (i) | derivative and non-derivative financial instruments measured at fair value;
| (ii) | share-based payments and employee benefits measured at fair value;
| (iii) | deemed cost of property, plant and equipment.

This interim financial information was prepared using consistent accounting policies and practices on Ultrapar and its subsidiaries.

This interim financial information should be read together with the individual and consolidated financial statements of the Company for the year ended December 31, 2024 since its objective is to provide an update of the significant activities, events and circumstances and does not duplicate previously disclosed information, except when Management considers it relevant to maintain certain information.

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Notes to the interim financial information
For the periods ended June 30, 2025

Reclassifications

With the objective of increasing transparency of derivative financial instrument balances, enabling verification of the amounts in the balance sheet and providing greater comparability between the periods presented, we carried out reclassifications between line items as shown below:

|  | Consolidated
|  | Published |  |  |  | Reclassified
|  | 12/31/2024 |  | Reclassification |  | 12/31/2024
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
|  | 12/31/2024 |  | Reclassification |  | 12/31/2024
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 until the previous quarter 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 until the previous quarter 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 interim financial information
For the periods ended June 30, 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 International Accounting Standards Board (IASB) and the Brazilian Accounting Pronouncements Committee (“CPC”).

a. New accounting policies and changes in accounting policies

a.1 Accounting policies adopted

The following guidance issued in the CPC effective on or after January 1, 2025 was evaluated and does not change the accounting practice adopted by the Company:

- OCPC 10 – Carbon Credits

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 Board - IASB were not adopted since they are not effective in the period ended June 30, 2025. The Company and its subsidiaries plan to adopt these new standards, amendments and interpretations, if applicable, when they become effective, and do not expect a material impact of their adoption on their future individual and consolidated financial statements.

- IFRS 18 – Presentation and Disclosure in Financial Statements
- IAS 21/ CPC 02 – The Effects of Changes in Foreign Exchange Rates
- IFRS 19 – Subsidiaries without Public Accountability

4. Cash and cash equivalents and financial investments

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; (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

| Parent |  | Consolidated
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Cash and banks |  |  |  |  |  |  |
In local currency | 1,789 |  | 120 |  | 533,236 |  | 211,047
In foreign currency | ‐ |  | ‐ |  | 446,221 |  | 194,793
Financial investments considered cash equivalents |  |  |  |  |  |  |
Securities and funds |  |  |  |  |  |  |
In local currency | 434 |  | 4,066 |  | 1,266,299 |  | 1,286,152
In foreign currency | ‐ |  | ‐ |  | 651,662 |  | 379,601
Total cash and cash equivalents | 2,223 |  | 4,186 |  | 2,897,418 |  | 2,071,593

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Notes to the interim financial information
For the periods ended June 30, 2025

b. Financial investments

| Parent |  | Consolidated
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Financial investments |  |  |  |  |  |  |
Securities and funds |  |  |  |  |  |  |
In local currency | 307,431 |  | 320,101 |  | 995,664 |  | 2,271,980
In foreign currency (a) | ‐ |  | ‐ |  | 2,512,437 |  | 2,854,126
Total financial investments | 307,431 |  | 320,101 |  | 3,508,101 |  | 5,126,106
Current | 7,431 |  | 20,100 |  | 1,088,104 |  | 2,306,927
Non-current | 300,000 |  | 300,001 |  | 2,419,997 |  | 2,819,179

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

5. Trade receivables and reseller financing (Consolidated)

a. Trade receivables and reseller financing

Trade receivables | 06/30/2025 |  | 12/31/2024
Domestic customers | 3,956,834 |  | 3,885,310
Domestic customers - related parties (see Note 8) | 3,910 |  | 301
Foreign customers | 192,401 |  | 19,032
Foreign customers - related parties (see Note 8) | 2,767 |  | 8,361
| 4,155,912 |  | 3,913,004
(-) Allowance for expected credit losses | (373,809) |  | (345,735)
Total - trade receivables of customers | 3,782,103 |  | 3,567,269
Current | 3,739,280 |  | 3,540,266
Non-current | 42,823 |  | 27,003
Reseller financing | 06/30/2025 |  | 12/31/2024
Reseller financing – Ipiranga | 1,345,850 |  | 1,404,883
(-) Allowance for expected credit losses | (133,718) |  | (126,859)
Total – reseller financing | 1,212,132 |  | 1,278,024
Current | 493,748 |  | 511,979
Non-current | 718,384 |  | 766,045

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

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, 2024 | 345,735 |  | 126,859 |  | 472,594
Additions | 56,082 |  | 19,074 |  | 75,156
Reversals | (18,725) |  | (6,987) |  | (25,712)
Write-offs | (21,735) |  | (5,228) |  | (26,963)
Opening balance - acquisition of subsidiary (i) | 12,452 |  | ‐ |  | 12,452
Balance as of June 30, 2025 | 373,809 |  | 133,718 |  | 507,527

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

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

| 06/30/2025 |  | 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 | 0.64% |  | 4,225,159 |  | 26,837 |  | 0.55% |  | 4,289,620 |  | 23,517
Less than 30 days | 2.06% |  | 230,999 |  | 4,749 |  | 3.14% |  | 141,756 |  | 4,452
31-60 days | 3.39% |  | 76,633 |  | 2,601 |  | 20.26% |  | 40,402 |  | 8,186
61-90 days | 10.87% |  | 26,927 |  | 2,928 |  | 14.96% |  | 27,360 |  | 4,093
91-180 days | 23.86% |  | 101,314 |  | 24,171 |  | 30.37% |  | 57,289 |  | 17,396
More than 180 days | 53.08% |  | 840,730 |  | 446,241 |  | 54.49% |  | 761,460 |  | 414,950
|  |  | 5,501,762 |  | 507,527 |  |  |  | 5,317,887 |  | 472,594

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

6. Inventories (Consolidated)

| 06/30/2025 |  | 12/31/2024
Fuels, lubricants and greases | 3,088,071 |  | 3,009,100
Raw materials | 324,621 |  | 373,544
Purchase for future delivery (1) | 172,088 |  | 255,001
Consumable materials and other items for resale | 287,748 |  | 129,539
Liquefied petroleum gas - LPG | 144,778 |  | 128,098
Properties for resale | 21,289 |  | 21,794
| 4,038,595 |  | 3,917,076

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

Movements in the provision for inventory losses are as follows:

Balance as of December 31, 2024 | 3,920
Reversal of provision for obsolescence and other losses | (624)
Reversal of provision for adjustment to realizable value | (490)
Balance as of June 30, 2025 | 2,806

7. Recoverable taxes (Consolidated)

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”).

| 06/30/2025 |  | 12/31/2024
ICMS (a.1) | 1,538,968 |  | 1,416,708
PIS and COFINS - Federal VAT (a.2) | 3,685,429 |  | 3,172,417
Others | 99,431 |  | 101,152
Total | 5,323,828 |  | 4,690,277
Current | 2,022,246 |  | 2,040,008
Non-current | 3,301,582 |  | 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 base used is higher than that of the actual operation performed.

In 2023, with the enactment of Supplementary Law 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).

Management estimates the realization of the credits classified in non-current assets within a term of up to 5 years.

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Notes to the interim financial information
For the periods ended June 30, 2025

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 period ended June 30, 2025, the Company, through its subsidiary Ipiranga, recognized effects from tax credits of R$ 848,205 (R$ 487,254 under “other operating income (expenses)” and R$ 360,951 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 (“LC” 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$ 1,242,663 (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.

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$ 598,897, of which R$ 286,584 recorded as current and R$ 312,313 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). The Management estimates the realization of these credits within up to 5 years.

8. Related parties

a. Parent

| Assets |  | Liabilities
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Transactions with joint ventures |  |  |  |  |  |  |
Química da Bahia Indústria e Comércio S.A. | ‐ |  | ‐ |  | 2,875 |  | 2,875
Transactions with subsidiaries |  |  |  |  |  |  |
Ipiranga Produtos de Petróleo S.A. | 63,267 |  | 50,548 |  | ‐ |  | 431
Cia Ultragaz S.A. | 32,357 |  | 28,588 |  | ‐ |  | 1,761
Ultracargo Logística S.A. | 315,880 |  | 313,873 |  | 349 |  | ‐
Eaí Clube Automobilista S.A. | 698 |  | 1,008 |  | ‐ |  | 78
am/pm Comestíveis Ltda. | 3,511 |  | 5,079 |  | 64 |  | 19
Others | 1,257 |  | 966 |  | 280 |  | 11
Total | 416,970 |  | 400,062 |  | 3,568 |  | 5,175
Other receivables/payables | 101,943 |  | 86,973 |  | 693 |  | 2,300
Related parties | 7,368 |  | 7,076 |  | 2,875 |  | 2,875
Financial investments (1) | 307,659 |  | 306,013 |  | ‐ |  | ‐

(1) Refers to funds released to subsidiary Ultracargo Logística S.A.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

b. Consolidated

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)
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 06/30/2024
Transactions with subsidiaries and joint ventures |  |  |  |  |  |  |  |  |  |  |
Transactions with joint ventures |  |  |  |  |  |  |  |  |  |  |
Refinaria de Petróleo Riograndense S.A. | 2 |  | ‐ |  | 24,144 |  | 9,846 |  | (344,353) |  | (239,271)
Latitude Logística Portuária S.A. | 7,959 |  | 10,862 |  | 33 |  | ‐ |  | ‐ |  | ‐
Navegantes Logística Portuária S.A. | 37,487 |  | 29,406 |  | ‐ |  | ‐ |  | ‐ |  | ‐
Hidrovias do Brasil S.A. | - |  | 416 |  | - |  | - |  | - |  | -
Obrinel S.A. | 5,615 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐
Others | 8,838 |  | 7,943 |  | 2,921 |  | 2,875 |  | 175 |  | 205
Transactions with other related parties |  |  |  |  |  |  |  |  |  |  |
Chevron Oronite Brasil Ltda. (1) | 3,235 |  | ‐ |  | 34,736 |  | 13,434 |  | (114,421) |  | (92,926)
Chevron Products Company (1) | ‐ |  | ‐ |  | 120,206 |  | 159,432 |  | (306,089) |  | (326,199)
Others | 3,443 |  | 8,760 |  | 6,118 |  | 1,449 |  | 2,571 |  | (1,701)
Total | 66,579 |  | 57,387 |  | 188,158 |  | 187,036 |  | (762,117) |  | (659,892)
Trade receivables (Note 5) | 6,677 |  | 8,662 |  | ‐ |  | ‐ |  | ‐ |  | ‐
Other receivables | 249 |  | 416 |  | ‐ |  | ‐ |  | ‐ |  | ‐
Trade payables (Note 16) | ‐ |  | ‐ |  | 183,702 |  | 183,520 |  | ‐ |  | ‐
Other payables | ‐ |  | ‐ |  | 777 |  | ‐ |  | ‐ |  | ‐
Related parties | 59,653 |  | 48,309 |  | 3,679 |  | 3,516 |  | ‐ |  | ‐
Sales and services provided | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 21,667 |  | 7,988
Purchases | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (783,784) |  | (667,880)

(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.

c. Key executives (Consolidated)

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.

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

| 06/30/2025 |  | 06/30/2024
Short-term compensation | 23,960 |  | 28,445
Stock compensation | 36,806 |  | 31,561
Post-employment benefits | 2,155 |  | 2,992
Total | 62,921 |  | 62,998

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

d. Stock plan (Consolidated)

In the financial statements for the year ended December 31, 2024 (Note 8), the characteristics and measurement criteria of each plan (2017 Plan and 2023 Plan) offered by the Company were disclosed, which did not undergo any changes during the six-month period ended June 30, 2025.

The table below summarizes the restricted and performance stock programs under the 2017 Plan and the 2023 Plan:

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)
Restricted | September 02, 2019 | 240,000 | 2025 | 16.42 | 6,774 |  | (6,587) |  | 187
Restricted | September 16, 2020 | 140,000 | 2026 | 23.03 | 5,464 |  | (4,402) |  | 1,062
Restricted | September 22, 2021 | 1,000,000 | 2027 | 14.17 | 24,093 |  | (16,508) |  | 7,585
Restricted | April 06, 2022 | 44,836 | 2025 | 14.16 | 2,199 |  | (2,199) |  | -
Performance | April 06, 2022 | 69,982 | 2025 | 14.16 | 3,784 |  | (3,784) |  | -
Restricted | September 21, 2022 | 2,640,000 | 2032 | 12.98 | 63,943 |  | (17,569) |  | 46,374
Restricted | December 07, 2022 | 1,500,000 | 2032 | 13.47 | 37,711 |  | (9,746) |  | 27,965
Restricted | April 20, 2023 | 1,122,656 | 2026 | 14.50 | 30,560 |  | (22,604) |  | 7,956
Performance | April 20, 2023 | 1,156,903 | 2026 | 14.50 | 31,320 |  | (23,364) |  | 7,956
Restricted | September 20, 2023 | 3,700,000 | 2033 | 18.75 | 129,322 |  | (23,757) |  | 105,565
Restricted | April 17, 2024 | 3,444,789 | 2027 to 2029 | 26.94 | 175,861 |  | (51,586) |  | 124,275
Restricted | June 19, 2024 | 60,683 | 2027 | 21.47 | 2,468 |  | (823) |  | 1,645
Restricted | October 01, 2024 | 1,295,000 | 2034 | 23.10 | 55,785 |  | (4,184) |  | 51,601
Restricted | April 03, 2025 | 4,590,749 | 2027 to 2028 | 17.78 | 153,635 |  | (10,404) |  | 143,231
|  | 21,005,598 |  |  | 722,919 |  | (197,517) |  | 525,402

Number of shares as of December 31, 2024 |  | 18,521,704
Shares granted during the period |  | 4,590,749
Cancellation of granted shares due to termination of executive employment |  | (159,063)
Shares transferred (vesting) |  | (1,947,792)
Number of shares as of June 30, 2025 |  | 21,005,598

The Company does not have shares that were not transferred after the period for transfer of the ownership of the shares. For the six-month period ended June 30, 2025, an expense in the amount of R$ 53,599 was recognized in relation to the Plan (R$ 53,999 for the period ended June 30, 2024).

For all plans, settlements are made only with the delivery of treasury shares. The values of the grants were determined on the granting date based on the market value of these shares on B3 (the Brazilian Stock Exchange).

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

9. Income and social contribution taxes

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

The Company and its subsidiaries recognize deferred tax assets and liabilities, which are not subject to the statute of limitations, mainly resulting 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.

| Parent |  | Consolidated
| 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Assets - Deferred income and social contribution taxes on: |  |  |  |  |  |  |
Provision for losses with assets | ‐ |  | ‐ |  | 41,896 |  | 41,467
Provisions for tax, civil and labor risks | 49,988 |  | 67,261 |  | 174,957 |  | 188,495
Provision for post-employment benefits | 574 |  | 516 |  | 79,580 |  | 76,166
Provision for differences between cash and accrual basis (i) | ‐ |  | ‐ |  | 20,117 |  | 19,483
Goodwill | ‐ |  | ‐ |  | 12,546 |  | 10,317
Provision for asset retirement obligation | ‐ |  | ‐ |  | 12,948 |  | 13,472
Operating provisions | 8,554 |  | 4,366 |  | 68,091 |  | 60,120
Provision for profit sharing and bonus | 5,462 |  | 10,246 |  | 48,966 |  | 76,880
Leases payable | 2,426 |  | 2,961 |  | 587,131 |  | 499,988
Provision for deferred revenue | ‐ |  | ‐ |  | 646 |  | 450
Other temporary differences | 27,906 |  | 21,762 |  | 167,670 |  | 115,753
Tax losses and negative basis for social contribution carryforwards | 53,871 |  | 51,339 |  | 566,723 |  | 510,780
Total | 148,781 |  | 158,451 |  | 1,781,271 |  | 1,613,371
Offsetting liability balance | (13,661) |  | (15,821) |  | (885,073) |  | (676,430)
Net balances presented in assets | 135,120 |  | 142,630 |  | 896,198 |  | 936,941
Liabilities - Deferred income and social contribution taxes on: |  |  |  |  |  |  |
Leases payable | 2,052 |  | 2,586 |  | 487,864 |  | 406,173
Provision for differences between cash and accrual basis (i) | ‐ |  | ‐ |  | 266,783 |  | 194,846
Change in fair value of subscription warrants | 5,781 |  | 7,611 |  | 5,781 |  | 7,611
Goodwill/negative goodwill on investments | ‐ |  | ‐ |  | 28,798 |  | 28,771
Business combination - fair value of assets | ‐ |  | ‐ |  | 649,966 |  | 52,781
Other temporary differences | 5,828 |  | 5,624 |  | 170,392 |  | 119,073
Total | 13,661 |  | 15,821 |  | 1,609,584 |  | 809,255
Offsetting asset balance | (13,661) |  | (15,821) |  | (885,073) |  | (676,430)
Net balances presented in liabilities | ‐ |  | ‐ |  | 724,511 |  | 132,825

(i) | In the consolidated 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 interim financial information
For the periods ended June 30, 2025

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

| Parent |  | Consolidated
Balance as of December 31, 2024 | 142,630 |  | 804,116
Deferred IRPJ and CSLL recognized in profit (loss) for the year | (7,510) |  | (130,607)
Deferred IRPJ and CSLL recognized on company acquisition(1) | ‐ |  | 74,730
Deferred IRPJ and CSLL recognized on business combinations | ‐ |  | (590,220)
Deferred IRPJ and CSLL recognized in other comprehensive income | ‐ |  | 13,668
Balance as of June 30, 2025 | 135,120 |  | 171,687

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

b. Reconciliation of income and social contribution taxes on profit or loss

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

| Parent |  | Consolidated
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Income before taxes | 1,440,803 |  | 865,607 |  | 2,137,011 |  | 1,348,429
Statutory tax rates - % | 34 |  | 34 |  | 34 |  | 34
Income and social contribution taxes at the statutory tax rates | (489,873) |  | (294,306) |  | (726,584) |  | (458,466)
Adjustment to the statutory income and social contribution taxes: |  |  |  |  |  |  |
Nondeductible expenses | (1,447) |  | (1,869) |  | (12,065) |  | (7,561)
Nontaxable revenues (i) | 275 |  | 253 |  | 140,038 |  | 10,919
Adjustment to estimated income | ‐ |  | ‐ |  | 4,514 |  | 1,102
Unrecorded deferred income and social contribution tax carryforwards | ‐ |  | ‐ |  | (83,564) |  | (6,305)
Share of profit (loss) of subsidiaries, joint ventures and associates | 475,002 |  | 285,043 |  | (5,904) |  | (4,345)
Interest on capital between subsidiaries | ‐ |  | ‐ |  | 8,975 |  | 17,815
Other adjustments | 7,583 |  | 14,661 |  | 36,765 |  | (4,426)
Income and social contribution taxes before tax incentives | (8,460) |  | 3,782 |  | (637,825) |  | (451,267)
Tax incentives – SUDENE (ii) | - |  | ‐ |  | 35,920 |  | 49,497
Income and social contribution taxes in the statement of income | (8,460) |  | 3,782 |  | (601,905) |  | (401,770)
Current | (950) |  | (10,592) |  | (471,298) |  | (394,725)
Deferred | (7,510) |  | 14,374 |  | (130,607) |  | (7,045)
Effective IRPJ and CSLL rates - % | 0.6% |  | (0.4)% |  | 28.2% |  | 29.8%

(i) | Consist of gains and income not taxable under the applicable tax legislation.
(ii) | 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 interim financial information
For the periods ended June 30, 2025

c. Tax losses and negative basis for social contribution carryforwards

As of June 30, 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:

| 06/30/2025 |  | 12/31/2024
Oil Trading | 74,393 |  | 77,155
Ultrapar | 53,871 |  | 51,339
Ipiranga | 300,409 |  | 300,409
Ultracargo Soluções Logística | 39,886 |  | 33,553
Hidrovias do Brasil – Holding S.A | 29,149 |  | ‐
Others | 69,015 |  | 48,324
| 566,723 |  | 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:

| 06/30/2025 |  | 12/31/2024
Neogás | 44,648 |  | 45,286
Integra Frotas | 24,717 |  | 18,927
Stella | 21,830 |  | 15,686
Millennium | 13,502 |  | 11,650
Abastece aí | 148,605 |  | 126,900
Hidrovias do Brasil – Holding S.A | 121,659 |  | ‐
Hidrovias do Brasil – Administração Portuária de Santos | 39,177 |  | -
Others | 7,551 |  | 6,374
| 421,689 |  | 224,823

10. Contractual assets with customers - exclusivity rights (Consolidated)

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:

Balance as of December 31, 2024 | 2,131,902
Additions | 175,148
Amortization | (218,580)
Balance as of June 30, 2025 | 2,088,470
Current | 644,450
Non-current | 1,444,020

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

11. Investments in subsidiaries, joint ventures and associates

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

|  |  |  |  | Parent
| Equity | Income (loss) for the year | Interest in share capital - % |  | Investment (Provision for losses with investments) |  | Share of profit (loss) of subsidiaries, joint ventures and associates
|  | 06/30/2025 | 12/31/2024 |  | 06/30/2025 | 06/30/2024
Subsidiaries |  |  |  |  |  |  |  |  |
Ultra Logística Ltda. (i) | 1,967,708 | 18,289 | 100.00 |  | 1,967,708 | 3,266,345 |  | 18,289 | 192,607
Ultrapar International S.A. | (59,309) | 9,221 | 100.00 |  | (59,309) | (68,530) |  | 9,221 | (4,143)
UVC | ‐ | ‐ | - |  | ‐ | ‐ |  | ‐ | (4,987)
Ultragaz Participações Ltda. | ‐ | ‐ | - |  | ‐ | ‐ |  | ‐ | 372,263
Ultracargo Logística Ltda | 1,561,206 | 113,808 | 99.92 |  | 1,559,941 | ‐ |  | 113,716 | ‐
Companhia Ultragaz S.A. | 939,958 | 287,427 | 99.99 |  | 939,819 | 1,106,687 |  | 287,385 | ‐
UVC Investimentos Ltda. | 43,027 | (4,922) | 100.00 |  | 43,027 | 47,702 |  | (4,922) | 511
Imaven Imóveis Ltda. | 76,496 | 1,702 | 100.00 |  | 76,496 | 64,917 |  | 1,702 | 1,184
Ultra Mobilidade S.A. (*) | 10,619,297 | 992,047 | 100.00 |  | 10,619,297 | 10,407,480 |  | 992,047 | 291,600
Joint ventures |  |  |  |  |  |  |  |  |
Química da Bahia Indústria e Comércio S.A. | 6,685 | 14 | 50.00 |  | 3,343 | 3,319 |  | 7 | (159)
Refinaria de Petróleo Riograndense S.A. (ii) | (57,932) | (61,375) | 33.14 |  | (19,198) | 2,016 |  | (20,380) | (10,515)
Total (A) |  |  |  |  | 15,131,124 | 14,829,936 |  | 1,397,065 | 838,361
Total provision for loss on investment (B) |  |  |  |  | (78,507) | (68,530) |  |  |
Total investments (A-B) |  |  |  |  | 15,209,631 | 14,898,466 |  |  |

(*) | Amounts adjusted for unrealized profits in equity and income for the period.
(i) | Balances are presented net of the effects of discontinued operations. For furhter details, see note 28.
(ii) | Investment considers capital loss balances of R$ 9,235 as of June 30, 2025 (R$ 9,666 as of December 31, 2024).

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

|  |  |  |  | Consolidated
| 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
|  | 06/30/2025 | 12/31/2024 |  | 06/30/2025 | 06/30/2024
Joint ventures |  |  |  |  |  |  |  |  |
União Vopak – Armazéns Gerais Ltda. | (257) | (798) | 50.00 |  | (129) | 270 |  | (399) | (231)
Refinaria de Petróleo Riograndense S.A. | (57,932) | (61,375) | 33.14 |  | (19,198) | 2,015 |  | (20,339) | (10,514)
Latitude Logística Portuária S.A. | (190) | (4,639) | 50.00 |  | (95) | 2,225 |  | (2,319) | (1,509)
Navegantes Logística Portuária S.A. | 7,754 | (14,339) | 33.33 |  | 2,585 | 7,364 |  | (4,780) | (3,849)
Nordeste Logística I S.A. | 19,807 | 1,929 | 33.33 |  | 6,602 | 5,959 |  | 643 | 112
Nordeste Logística II S.A. | 56,148 | (200) | 33.33 |  | 18,716 | 18,782 |  | (67) | 511
Nordeste Logística III S.A | 54,875 | (116) | 33.33 |  | 18,292 | 18,330 |  | (38) | 316
Química da Bahia Indústria e Comércio S.A. | 6,685 | 14 | 50.00 |  | 3,343 | 3,319 |  | 7 | (159)
Terminal de Combustíveis Paulínia S.A. ("Opla") | 166,538 | 5,511 | 50.00 |  | 83,269 | 59,694 |  | 2,756 | 2,647
Limday S.A. | 45,971 | 2,260 | 44.55 |  | 20,480 | ‐ |  | 1,007 | ‐
Obrinel S.A. | 176,527 | 23,460 | 49.00 |  | 86,498 | ‐ |  | 11,495 | ‐
Baden S.A. | 21,021 | (384) | 50.00 |  | 10,511 | ‐ |  | (192) | ‐
Other investments | ‐ | ‐ | ‐ |  | 351 | 281 |  | ‐ | ‐
Associates |  |  |  |  |  |  |  |  |
Hidrovias do Brasil S.A. (i) | 2,203,052 | (247,290) | 44.51 |  | ‐ | 504,629 |  | (96,520) | ‐
Transportadora Sulbrasileira de Gás S.A. | 18,255 | 4,261 | 25.00 |  | 4,564 | 3,498 |  | 1,066 | 1,112
Metalúrgica Plus S.A. | (1,193) | (149) | 33.33 |  | (398) | (349) |  | (50) | (46)
Plenogás Distribuidora de Gás S.A. | 2,942 | 194 | 33.33 |  | 981 | 1,041 |  | 65 | 513
Other investments | ‐ | ‐ | ‐ |  | 29 | 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. | ‐ | ‐ | ‐ |  | 7,467 | ‐ |  | ‐ | ‐
Fair value adjustment on investments |  |  |  |  |  |  |  |  |
Terminal de Combustíveis Paulínia S.A. ("Opla") | ‐ | ‐ | ‐ |  | 38,030 | 38,835 |  | (805) | (1,682)
Advances for investments |  |  |  |  |  |  |  |  |
Advances for investments - Pão de Açúcar Group stations (ii) | ‐ | ‐ | ‐ |  | 86,375 | 90,000 |  | ‐ | ‐
Advances for future capital increase |  |  |  |  |  |  |  |  |
Hidrovias do Brasil S.A. (i) | ‐ | ‐ | ‐ |  | ‐ | 500,000 |  | ‐ | ‐
Other investments |  |  |  |  |  |  |  |  |
Concession Agreement - Baloto | ‐ | ‐ | ‐ |  | 4,366 | ‐ |  | ‐ | ‐
Total (A) |  |  |  |  | 489,945 | 2,148,284 |  | (108,470) | (12,779)
Total provision for loss on investment (B) |  |  |  |  | (19,820) | (349) |  |  |
Total investments (A-B) |  |  |  |  | 509,765 | 2,148,633 |  |  |

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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.

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

| Consolidated
| 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 period
| 06/30/2025 | 12/31/2024 |  | 06/30/2025 | 12/31/2024 |  | 06/30/2025 | 06/30/2024
Subsidiaries | % | % |  |  |  |  |  |
Hidrovias do Brasil S.A. (i) | 48% | - |  | 1,627,589 | ‐ |  | 26,297 | ‐
Iconic Lubrificantes S.A. (i) | 44% | 44% |  | 500,443 | 484,986 |  | 57,659 | 75,475
WTZ Participações S.A. (i) | 48% | 48% |  | 114,044 | 116,249 |  | 3,832 | ‐
Other investments | - | - |  | 80,009 | 63,491 |  | 4,718 | 1,795
|  |  |  | 2,322,085 | 664,726 |  | 92,506 | 77,270

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

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

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

| Parent |  | Consolidated
| Subsidiaries |  | Joint ventures |  | Total |  | Joint ventures |  | Associates |  | Advances |  | Advances for future capital increase |  | Other investments |  | Total
Balance as of December 31, 2024 | 14,824,601 |  | 5,335 |  | 14,829,936 |  | 274,380 |  | 1,283,904 |  | 90,000 |  | 500,000 |  | ‐ |  | 2,148,284
Share of profit (loss) of subsidiaries, joint ventures and associates (*) | 1,417,438 |  | (20,373) |  | 1,397,065 |  | (12,226) |  | (95,439) |  | ‐ |  | ‐ |  | ‐ |  | (107,665)
Amortization of fair value adjustments | ‐ |  | ‐ |  | ‐ |  | (805) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (805)
Dividends | (1,250,009) |  | ‐ |  | (1,250,009) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐
Equity instrument granted (ii) | 10,807 |  | ‐ |  | 10,807 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐
Accumulated other comprehensive income | (59,918) |  | (790) |  | (60,708) |  | (790) |  | 7,722 |  | ‐ |  | ‐ |  | ‐ |  | 6,932
Translation adjustments of foreign subsidiaries | ‐ |  | ‐ |  | ‐ |  | (4,630) |  | ‐ |  | ‐ |  | ‐ |  | (68) |  | (4,698)
Advances for future capital increase and capital contribution | 357,090 |  | ‐ |  | 357,090 |  | 20,819 |  | - |  | ‐ |  | - |  | ‐ |  | 20,819
Shareholder transactions | (27,079) |  | ‐ |  | (27,079) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐
Advances for investments - GPA stations | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (3,625) |  | ‐ |  | ‐ |  | (3,625)
Acquisition of shares | - |  | - |  | - |  | - |  | 273,325 |  | - |  | - |  | - |  | 273,325
Acquisition of control of Hidrovias do Brasil S.A. (iii) | ‐ |  | ‐ |  | ‐ |  | 117,276 |  | (1,461,946) |  | ‐ |  | (500,000) |  | 4,434 |  | (1,840,236)
Reclassification to assets held for sale (iv) | (129,590) |  | - |  | (129,590) |  | - |  | - |  | - |  | - |  | - |  | -
Other movements | 3,639 |  | (27) |  | 3,612 |  | 4 |  | (2,390) |  | ‐ |  | ‐ |  | ‐ |  | (2,386)
Balance as of June 30, 2025 (i) | 15,146,979 |  | (15,855) |  | 15,131,124 |  | 394,028 |  | 5,176 |  | 86,375 |  | ‐ |  | 4,366 |  | 489,945

(*) | 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) | 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.
(iv) | 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.a.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

12. Right-of-use assets and leases payable (Consolidated)

The Company and certain subsidiaries have real estate 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. The Company and certain subsidiaries also have lease agreements relating to vehicles.

1. Right-of-use assets

- Consolidated

| Weighted average useful life (years) |  | Balance as of 12/31/2024 |  | Additions and remeasurement |  | Write-offs |  | Transfers (i) |  | Translation adjustment |  | Amortization |  | Opening balance – Acquisition of subsidiary (ii) |  | Balance as of 06/30/2025
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | 9 |  | 1,987,115 |  | 48,828 |  | (106,844) |  | ‐ |  | (347) |  | ‐ |  | 220,341 |  | 2,149,093
Port areas | 22 |  | 343,739 |  | 15,535 |  | (491) |  | ‐ |  | - |  | ‐ |  | 113,132 |  | 471,915
Vehicles | 4 |  | 357,094 |  | 77,147 |  | (55,755) |  | (2,834) |  | (70) |  | ‐ |  | 2,855 |  | 378,437
Equipment | 2 |  | 33,645 |  | 10,863 |  | (1,290) |  | (21,499) |  | - |  | ‐ |  | 21,448 |  | 43,167
Vessels | 8 |  | ‐ |  | ‐ |  | - |  | ‐ |  | (3,331) |  | ‐ |  | 129,300 |  | 125,969
Others | 20 |  | 27,846 |  | 3,914 |  | ‐ |  | 21,499 |  | - |  | ‐ |  | ‐ |  | 53,259
|  |  | 2,749,439 |  | 156,287 |  | (164,380) |  | (2,834) |  | (3,748) |  | ‐ |  | 487,076 |  | 3,221,840
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | ‐ |  | (823,733) |  | ‐ |  | 75,159 |  | ‐ |  | 114 |  | (89,658) |  | (40,242) |  | (878,360)
Port areas | ‐ |  | (52,692) |  | ‐ |  | 480 |  | (2,191) |  | - |  | (15,334) |  | (38,755) |  | (108,492)
Vehicles | ‐ |  | (169,836) |  | ‐ |  | 45,181 |  | 1,924 |  | 16 |  | (52,947) |  | (927) |  | (176,589)
Equipment | ‐ |  | (6,007) |  | ‐ |  | 913 |  | 2,197 |  | - |  | (5,839) |  | (15,346) |  | (24,082)
Vessels | ‐ |  | ‐ |  | ‐ |  | - |  | ‐ |  | 1,908 |  | (6,147) |  | (60,604) |  | (64,843)
Others | ‐ |  | (25,847) |  | ‐ |  | ‐ |  | (2,197) |  | - |  | (1,809) |  | ‐ |  | (29,853)
|  |  | (1,078,115) |  | ‐ |  | 121,733 |  | (267) |  | 2,038 |  | (171,734) |  | (155,874) |  | (1,282,219)
Right-of-use assets, net |  |  | 1,671,324 |  | 156,287 |  | (42,647) |  | (3,101) |  | (1,710) |  | (171,734) |  | 331,202 |  | 1,939,621

(i) | 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 IPP.
(ii) | On May 8, 2025, the Company acquired the control of Hidrovias; f or further details, see Note 27.b.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

b. Leases payable

The changes in leases payable are shown below:

Balance as of December 31, 2024 | 1,485,152
Interest accrued | 70,688
Payments of leases | (133,374)
Interest payment | (69,243)
Additions and remeasurement | 156,287
Write-offs | (47,191)
Opening balance – acquisition of subsidiary (i) | 286,778
Balance as of June 30, 2025 | 1,749,097
Current | 375,534
Non-current | 1,373,563

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

The undiscounted future cash outflows are presented below:

| 06/30/2025 |  | 12/31/2024
Up to 1 year | 499,571 |  | 355,336
1 to 2 years | 328,505 |  | 282,945
2 to 3 years | 249,690 |  | 240,984
3 to 4 years | 201,649 |  | 188,002
4 to 5 years | 177,741 |  | 158,559
More than 5 years | 1,216,294 |  | 891,997
Total | 2,673,450 |  | 2,117,823

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

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 | 11.05%
From 6 to 10 years | 10.29%
From 11 to 15 years | 9.90%
More than 15 years | 9.67%

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

c. Effects of inflation and potential right of recoverable PIS and COFINS - disclosures required by the CVM in the letter SNC/SEP 02/2019

The effects of inflation for the period ended June 30, 2025 are as follows:

Right-of-use asset, net |
Nominal base | 1,939,621
Inflated base | 2,253,044
| 16.2%
Leases payable |
Nominal base | 1,749,097
Inflated base | 2,062,520
| 17.9%
Financial expenses |
Nominal base | 70,688
Inflated base | 95,739
| 35.4%
Amortization expense |
Nominal base | 171,734
Inflated base | 192,293
| 12.0%

The possible credits of PIS and COFINS on payments of leases, calculated based on the rate of 9.25% according to the Brazilian tax legislation for the period ended June 30, 2025 are presented below:

| Potential right of recoverable PIS and COFINS
Cash flow at present value | 161,791
Nominal cash flow | 247,294

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

13. Property, plant, and equipment (Consolidated)

| Weighted average useful life (years) |  | Balance as of 12/31/2024 |  | Additions |  | Depreciation |  | Transfers (i) |  | Write-offs |  | Translation adjustment |  | Opening balance – acquisition of subsidiary (ii) |  | Balance as of 06/30/2025
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | - |  | 609,624 |  | ‐ |  | ‐ |  | ‐ |  | (7,099) |  | ‐ |  | 205,165 |  | 807,690
Buildings | 27 |  | 1,745,097 |  | 47,868 |  | ‐ |  | 31,430 |  | (6,890) |  | ‐ |  | 823,403 |  | 2,640,908
Leasehold improvements | 16 |  | 1,415,342 |  | 22,742 |  | ‐ |  | 27,621 |  | (27,462) |  | (1,856) |  | 164,144 |  | 1,600,531
Machinery and equipment | 10 |  | 3,758,370 |  | 75,531 |  | ‐ |  | 235,587 |  | (20,913) |  | (2,251) |  | 687,524 |  | 4,733,848
Automotive fuel/lubricant distribution equipment and facilities | 14 |  | 3,199,426 |  | 35,644 |  | ‐ |  | 114,805 |  | (107,635) |  | ‐ |  | ‐ |  | 3,242,240
Push boats, barges, ships | 20 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (100,195) |  | 3,985,628 |  | 3,885,433
LPG tanks and bottles | 8 |  | 1,085,787 |  | 58,900 |  | ‐ |  | 109 |  | (14,090) |  | ‐ |  | ‐ |  | 1,130,706
Vehicles | 7 |  | 395,885 |  | 5,449 |  | ‐ |  | 1,603 |  | (9,198) |  | (24) |  | 878 |  | 394,593
Furniture and fixtures | 8 |  | 221,572 |  | 8,457 |  | ‐ |  | (6,456) |  | (5,413) |  | (34) |  | 3,623 |  | 221,749
IT equipment | 5 |  | 321,250 |  | 8,476 |  | ‐ |  | 3,591 |  | (7,857) |  | (242) |  | 47,386 |  | 372,604
Construction in progress |  |  | 1,347,892 |  | 424,909 |  | ‐ |  | (386,128) |  | (1,220) |  | (1,172) |  | 211,310 |  | 1,595,591
Advances to suppliers |  |  | 44,966 |  | 215 |  | ‐ |  | (24,974) |  | (8,208) |  | ‐ |  | ‐ |  | 11,999
Imports in progress |  |  | 3,128 |  | 23 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 3,151
|  |  | 14,148,339 |  | 688,214 |  | ‐ |  | (2,812) |  | (215,985) |  | (105,774) |  | 6,129,061 |  | 20,641,043
Accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings |  |  | (558,622) |  | ‐ |  | (49,791) |  | (80) |  | 1,938 |  | ‐ |  | (226,529) |  | (833,084)
Leasehold improvements |  |  | (748,916) |  | ‐ |  | (34,237) |  | 775 |  | 28,412 |  | 586 |  | (57,745) |  | (811,125)
Machinery and equipment |  |  | (2,347,962) |  | ‐ |  | (119,686) |  | (495) |  | 456 |  | 915 |  | (398,625) |  | (2,865,397)
Automotive fuel/lubricant distribution equipment and facilities |  |  | (2,122,684) |  | ‐ |  | (68,122) |  | (1,071) |  | 105,010 |  | ‐ |  | ‐ |  | (2,086,867)
Push boats, barges, ships |  |  | ‐ |  | ‐ |  | (27,476) |  | 6 |  | ‐ |  | 33,819 |  | (1,143,682) |  | (1,137,333)
LPG tanks and bottles |  |  | (670,068) |  | ‐ |  | (48,856) |  | ‐ |  | 12,152 |  | ‐ |  | ‐ |  | (706,772)
Vehicles |  |  | (154,622) |  | ‐ |  | (19,566) |  | (1,414) |  | 1,526 |  | 24 |  | (938) |  | (174,990)
Furniture and fixtures |  |  | (142,493) |  | ‐ |  | (7,718) |  | (543) |  | 5,578 |  | 22 |  | (1,327) |  | (146,481)
IT equipment |  |  | (265,675) |  | ‐ |  | (12,662) |  | 875 |  | 7,131 |  | 102 |  | (24,567) |  | (294,796)
|  |  | (7,011,042) |  | ‐ |  | (388,114) |  | (1,947) |  | 162,203 |  | 35,468 |  | (1,853,413) |  | (9,056,845)
Provision for impairment losses |  |  | (1,331) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (1,331)
Property, plant and equipment, net |  |  | 7,135,966 |  | 688,214 |  | (388,114) |  | (4,759) |  | (53,782) |  | (70,306) |  | 4,275,648 |  | 11,582,867

(i) | Refers to R$ 7,860 transferred to intangible assets and R$ 3,101 received from right-of-use assets.
(ii) | On May 8, 2025, the Company acquired the control of Hidrovias; f or further details, see Note 27.b.

39

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

Construction in progress relates substantially to expansions, renovations, constructions and upgrade of the terminals’ assets, service stations 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 (Consolidated)

| Weighted average useful life (years) |  | Balance as of 12/31/2024 |  | Additions |  | Amortization |  | Transfers (i) |  | Write-offs |  | Translation adjustment |  | Acquisition of subsidiaries (ii) |  | Balance as of 06/30/2025
Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill (a) |  |  | 982,359 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 332,374 |  | 1,314,733
Software | 4 |  | 1,707,645 |  | 142,055 |  | ‐ |  | 8,087 |  | (12,206) |  | (207) |  | 152,383 |  | 1,997,757
Customer contracts | 9 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (271) |  | 1,235,129 |  | 1,234,858
Distribution rights | 13 |  | 176,687 |  | 35,856 |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | 212,543
Brands |  |  | 61,366 |  | ‐ |  | ‐ |  | 538 |  | (22) |  | ‐ |  | ‐ |  | 61,882
Trademark rights | 30 |  | 121,001 |  | 20 |  | ‐ |  | (15) |  | ‐ |  | ‐ |  | ‐ |  | 121,006
Others | 3 |  | 10,611 |  | ‐ |  | ‐ |  | (414) |  | ‐ |  | ‐ |  | ‐ |  | 10,197
Intangible assets in progress |  |  | ‐ |  | 1,833 |  | ‐ |  | (24) |  | ‐ |  | (95) |  | 33,999 |  | 35,713
Decarbonization credits (CBIO) |  |  | 322 |  | 245,017 |  | ‐ |  | ‐ |  | (166,535) |  | ‐ |  | ‐ |  | 78,804
|  |  | 3,059,991 |  | 424,781 |  | ‐ |  | 8,172 |  | (178,763) |  | (573) |  | 1,753,885 |  | 5,067,493
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | (1,013,618) |  | ‐ |  | (129,585) |  | (774) |  | 10,993 |  | 152 |  | (103,340) |  | (1,236,172)
Customer contracts |  |  | ‐ |  | ‐ |  | (277) |  | ‐ |  | ‐ |  | 199 |  | (25,239) |  | (25,317)
Distribution rights |  |  | (110,819) |  | ‐ |  | (3,510) |  | - |  | (273) |  | ‐ |  | ‐ |  | (114,602)
Trademark rights |  |  | (22,997) |  | ‐ |  | (2,366) |  | 462 |  | 257 |  | ‐ |  | ‐ |  | (24,644)
Others |  |  | (4,227) |  | ‐ |  | (2,359) |  | ‐ |  | ‐ |  | ‐ |  | ‐ |  | (6,586)
|  |  | (1,151,661) |  | ‐ |  | (138,097) |  | (312) |  | 10,977 |  | 351 |  | (128,579) |  | (1,407,321)
Intangible assets, net |  |  | 1,908,330 |  | 424,781 |  | (138,097) |  | 7,860 |  | (167,786) |  | (222) |  | 1,625,306 |  | 3,660,172

(i) | Refers to R$ 7,860 received from property, plant and equipment.
(ii) | On May 8, 2025, the Company acquired the control of Hidrovias; f or further details, see Note 27.b.

40

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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 |  | 06/30/2025 |  | 12/31/2024
Goodwill on the acquisition of: |  |  |  |  |
Hidrovias (27.b) | Hidrovias |  | 332,374 |  | ‐
Ipiranga (i) | Ipiranga |  | 276,724 |  | 276,724
União Terminais | Ultracargo |  | 211,089 |  | 211,089
Texaco | Ipiranga |  | 177,759 |  | 177,759
Stella | Ultragaz |  | 103,051 |  | 103,051
Iconic (CBLSA) | Ipiranga |  | 69,807 |  | 69,807
WTZ (27.c) | Ultragaz |  | 52,038 |  | 52,038
Temmar | Ultracargo |  | 43,781 |  | 43,781
DNP | Ipiranga |  | 24,736 |  | 24,736
Repsol | Ultragaz |  | 13,403 |  | 13,403
Neogás | Ultragaz |  | 7,761 |  | 7,761
Serra Diesel | Ultrapar |  | 1,413 |  | 1,413
TEAS | Ultracargo |  | 797 |  | 797
|  |  | 1,314,733 |  | 982,359

(i) | Including R$ 246,163 presented as goodwill at the Parent.

The goodwill presented above is based on the expectation of future profitability, supported by appraisal reports, after allocation of the identified assets. In the six-month period ended June 30, 2025, the Company did not identify any event that indicated the need to carry out an impairment test of the intangible asset.

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

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

15. Loans, financing and debentures

a. Breakdown

|  |  |  |  |  |  |  |  |  | Consolidated
Description |  | Index/ Currency |  | Weighted average financial charges 2025 (p.a.) |  | Weighted average hedging instruments |  | Maturity |  | 06/30/2025 |  | 12/31/2024
Foreign currency: |  |  |  |  |  |  |  |  |  |  |  |
Notes in the foreign market |  | USD |  | 5.3% |  | 142.5% of DI (*) |  | 2026 to 2029 |  | 4,152,529 |  | 4,710,980
Notes in the foreign market |  | USD |  | 5.0% |  | CDI + 1.6% (**) |  | 2031 |  | 1,052,671 |  | ‐
Foreign loan |  | USD |  | 4.6% |  | 106.2% of DI |  | 2025 to 2026 |  | 1,027,296 |  | 691,006
Foreign exchange debentures |  | USD |  | 5.3% |  | 101.7% of DI |  | 2026 |  | 329,688 |  | ‐
Foreign loan |  | SOFR + US$ |  | 0.9% |  | 102.9% of DI |  | 2026 |  | 547,556 |  | ‐
Foreign exchange debentures |  | EUR |  | 3.0% |  | 104.4% of DI |  | 2027 |  | 502,630 |  | ‐
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 |  |  |  |  |  |  |  |  |  | 7,612,370 |  | 6,681,657
Brazilian Reais: |  |  |  |  |  |  |  |  |  |  |  |
Debentures – CRA |  | IPCA |  | 5.3% |  | 103.1% of DI |  | 2025 to 2032 |  | 2,602,938 |  | 2,456,111
Debentures |  | CDI |  | 1.0% |  | n/a |  | 2026 to 2031 |  | 2,500,311 |  | 731,667
Debentures |  | IPCA |  | 5.0% |  | 102.8% of DI |  | 2028 to 2031 |  | 1,032,575 |  | 534,706
CCB |  | CDI |  | 103.5% |  | n/a |  | 2027 |  | 773,942 |  | 1,464,624
Financing |  | R$ |  | 14.6% |  | 106.6% of DI |  | 2027 |  | 516,378 |  | ‐
CDCA |  | CDI + R$ |  | 0.9% |  | n/a |  | 2027 |  | 507,344 |  | 534,374
Debentures – CRA |  | Fixed rate |  | 11.2% |  | 104.3% of DI |  | 2027 |  | 504,026 |  | 477,827
Debentures – CRA |  | CDI + R$ |  | 0.7% |  | n/a |  | 2027 |  | 493,458 |  | 490,971
CDCA |  | CDI |  | 109.0% |  | n/a |  | 2026 to 2027 |  | 205,723 |  | 293,374
Constitutional Fund (FNE) |  | IPCA |  | 2.9% |  | 69.5% of DI |  | 2028 to 2041 |  | 194,759 |  | 114,472
Constitutional Fund (FNO) |  | IPCA |  | 3.1% |  | n/a |  | 2028 to 2037 |  | 105,237 |  | ‐
Debentures |  | IPCA |  | 6.3% |  | n/a |  | 2032 to 2034 |  | 82,710 |  | 80,048
BNDES |  | R$ |  | 9.4% |  | n/a |  | 2025 to 2040 |  | 23,232 |  | ‐
FINEP |  | TJLP |  | 1.0% |  | n/a |  | 2025 to 2032 |  | 33,893 |  | 679
Total in Brazilian Reais |  |  |  |  |  |  |  |  |  | 9,576,526 |  | 7,178,853
Total in foreign currency and Brazilian Reais |  |  |  |  |  |  |  |  |  | 17,188,896 |  | 13,860,510
Current |  |  |  |  |  |  |  |  |  | 3,030,887 |  | 3,478,673
1 to 2 years |  |  |  |  |  |  |  |  |  | 4,601,481 |  | 3,257,618
2 to 3 years |  |  |  |  |  |  |  |  |  | 2,067,817 |  | 1,557,888
3 to 4 years |  |  |  |  |  |  |  |  |  | 1,864,833 |  | 2,062,967
4 to 5 years |  |  |  |  |  |  |  |  |  | 2,075,500 |  | 2,130,651
More than 5 years |  |  |  |  |  |  |  |  |  | 3,548,378 |  | 1,372,713
Non-current |  |  |  |  |  |  |  |  |  | 14,158,009 |  | 10,381,837

(*) | 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.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

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

|  | Consolidated
Balance as of December 31, 2024 |  | 13,860,510
Proceeds |  | 4,685,905
Interest accrued |  | 569,962
Principal payment |  | (3,981,234)
Interest payment |  | (619,791)
Balance of acquired company (i) |  | 3,385,102
Monetary variations and foreign exchange variations |  | (714,232)
Change in fair value |  | 73,951
Gain on bond repurchase |  | (71,277)
Balance as of June 30, 2025 |  | 17,188,896

(i) | On May 8, 2025, the Company acquired the control of Hidrovias. For further details, 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 June 30, 2025, the amount recognized in profit or loss was R$ 38,451 (R$ 8,237 as of June 30, 2024). The transaction cost incurred was R$ 67,599, of which R$ 10,353 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$ 9 9,062 (R$ 69,914 as of December 31, 2024).

b. Guarantees

As of June 30, 2025, there was R$ 105,237 (R$ 114,472 as of December 31, 2024) in financing that had real guarantees. There was also R$ 15,893,333 (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$ 99,095 as of June 30, 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$ 146,629 (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 June 30, 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 interim financial information
For the periods ended June 30, 2025

c. Relevant operations contracted in the period

The main operations contracted in the period 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 debentures | USD | 5.3% | 101.7% of DI | Mar/25 | Mar/26 | USD 60,269 | 350,000 | At final maturity | At final maturity | Ultracargo Logística
4131 | SOFR + US$ | 0.9% | 102.9% of DI | Feb/25 | Feb/26 | USD 100,000 | 577,800 | Quarterly | At final maturity | Cia Ultragaz
CCB | CDI | 10 4% | 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% | N/A | Apr/25 | Feb/37 | R$ 106,429 | 106,429 | Monthly | Monthly after a 3-year grace period | Ultracargo Soluções Logísticas
4131 | USD | 4.7% | 103.8% of DI | Apr/25 | Apr/26 | USD 86,956 | 500,000 | At final maturity | At final maturity | Ipiranga
BNDES | R$ | 9.4% | N/A | May/25 | Mar/40 | R$ 11,498 | 11,498 | Monthly | Monthly after a 3-month grace period | Ultragaz Energia Ltda. and subsidiaries
BNDES | R$ | 9.4% | N/A | May/25 | Mar/40 | R$ 11,498 | 11,498 | Monthly | Monthly after a 3-month grace period | Ultragaz Energia Ltda. and subsidiaries
Foreign exchange debentures | EUR | 3% | 104.0% of DI | Jun/25 | Feb-27 | EUR 77,534 | 500,000 | Annually | At final maturity | Ipiranga
4131 | R$ | 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

d. Covenants – Subsidiary Hidrovias

Hidrovias has contractual financial covenants linked to Debentures that do not accelerate the debt in the event of non-compliance, but restrict the Company from issuing new debts and distributing dividends.

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 i ndenture of i ssuance and is restricted to paying the minimum mandatory dividends set forth by your 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.

On June 30, 2025, Hidrovias was above the mentioned ratios, not being allowed to issue new debits and distributing dividends above the minimum mandatory as established in the Bylaws.

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Notes to the interim financial information
For the periods ended June 30, 2025

16. Trade payables (Consolidated)

a. Trade payables

| 06/30/2025 |  | 12/31/2024
Domestic suppliers | 1,866,432 |  | 2,558,813
Trade payables - domestic related parties (see Note 8.b) | 59,903 |  | 23,432
Foreign suppliers | 805,285 |  | 776,052
Trade payables - foreign related parties (see Note 8.b) | 123,799 |  | 160,088
| 2,855,419 |  | 3,518,385

b. Trade payables - reverse factoring

As of June 30, 2025, to accurately reflect the essence of commercial transactions, the balance reverse factoring transactions for which suppliers have already received payments was R$ 257,822 (R$ 1,014,504 as of December 31, 2024). The average payment term, in days, of suppliers that have joined the reverse factoring transactions and comparable suppliers is presented below:

| Consolidated
| Reverse factoring | Comparable suppliers 1
Average payment term | 44 | 8

1 | Comparable suppliers are those that have not adhered to reverse financing agreements, considering specific characteristics of payment conditions.

17. Employee benefits and private pension plan (Consolidated)

a. Post-employment benefits (Consolidated)

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 a valuation conducted by an independent actuary and reviewed by Management as of June 30, 2025.

| 06/30/2025 |  | 12/31/2024
Health and dental care plan (1) | 184,826 |  | 177,958
Indemnification of FGTS | 34,897 |  | 32,420
Seniority bonus | 1,923 |  | 1,795
Life insurance (2) | 11,270 |  | 10,703
Total | 232,916 |  | 222,876
Current | 24,098 |  | 24,098
Non-current | 208,818 |  | 198,778

(1) | Applicable to Ipiranga, Tropical (merged by Ipiranga) and Iconic.
(2) | Applicable to Ipiranga, Tropical (merged by Ipiranga), Ultragaz and Ultrapar.

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Notes to the interim financial information
For the periods ended June 30, 2025

18. Provisions and contingent liabilities (Consolidated)

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 12/31/2024 |  | Additions |  | Reversals |  | Payments |  | Interest |  | Opening balance – acquisition of subsidiary (i) |  | Balance as of 06/30/2025
IRPJ and CSLL | 32,946 |  | 188 |  | ‐ |  | (291) |  | 234 |  | ‐ |  | 33,077
Tax and social security | 202,465 |  | 1,775 |  | (39,716) |  | (7,149) |  | 2,837 |  | ‐ |  | 160,212
Civil, environmental and regulatory claims | 161,972 |  | 116,177 |  | (664) |  | (18,170) |  | 24 |  | 27,417 |  | 286,756
Provision for indemnities | 206,808 |  | 6,377 |  | (58,532) |  | ‐ |  | 2,424 |  | ‐ |  | 157,077
Labor | 54,169 |  | 7,425 |  | (9,826) |  | (3,327) |  | 757 |  | 9,545 |  | 58,743
Total | 658,360 |  | 131,942 |  | (108,738) |  | (28,937) |  | 6,276 |  | 36,962 |  | 695,865
Current | 47,788 |  |  |  |  |  |  |  |  |  |  |  | 70,643
Non-current | 610,572 |  |  |  |  |  |  |  |  |  |  |  | 625,222

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

Balance of escrow deposits by nature are as follows:

| 06/30/2025 |  | 12/31/2024
Tax | 395,163 |  | 306,593
Labor | 22,873 |  | 24,070
Civil, environmental and regulatory claims | 52,512 |  | 115,413
| 470,548 |  | 446,076

In the period ended June 30, 2025, the monetary variation on escrow deposits amounted to R$ 21,773, recorded as financial income in the statement of income for the period.

Regarding the 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. Thus, the provision for the reimbursement to Indorama was recorded, in the event the losses materialize, in the amount of R$ 123,086 as of June 30, 2025 (R$ 174,408 as of December 31, 2024), of which R$ 45,252 (R$ 95,274 as of December 31, 2024) for labor claims, R$ 28,801 (R$ 26,074 as of December 31, 2024) for civil claims and R$ 49,031 (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 reimbursement to Pague Menos, in the event the losses materialize, totaled R$ 33,993 as of June 30, 2025 (R$ 32,400 as of December 31, 2024), of which R$ 12,980 (R$12,074 as of December 31, 2024) for labor claims, R$ 7,065 (R$7,007 as of December 31, 2024) for civil claims and R$ 13,947 (R$ 13,319 as of December 31, 2024) for tax claims.

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Notes to the interim financial information
For the periods ended June 30, 2025

b. Contingent liabilities (possible)

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. Due to this classification, no provision for these contingencies was recorded in the interim financial information.

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

Contingent liabilities (possible) | 06/30/2025 |  | 12/31/2024
Tax (b.1) | 6,245,401 |  | 4,176,046
Civil (b.2) | 779,749 |  | 815,203
Labor | 350,761 |  | 293,938
| 7,375,911 |  | 5,285,187

b.1 Contingent tax liabilities

The Company and its subsidiaries are also parties to administrative and legal proceedings involving IRPJ, CSLL, PIS and COFINS, mainly related to denial of offset claims and disallowance of tax credits. The total amount of these contingencies amounted to R$ 3,530,909 as of June 30, 2025 (R$ 2,049,421 as of December 31, 2024).

Among the most relevant cases, a tax assessment related to IRPJ and CSLL stands out, resulting from the alleged undue amortization of goodwill generated on the acquisition of Ipiranga in 2007, amounting to R$ 275,353 as of June 30, 2025 (R$ 266,619 as of December 31, 2024).

Additionally, subsidiary Ipiranga and its subsidiaries have legal proceedings related to discussions of ICMS, in the consolidated amount of R$ 1,884,221 as of June 30, 2025 (R$ 1,357,445 as of December 31, 2024). The main discussions include: i) credits considered undue in the amount of R$ 181,516 as of June 30, 2025 (R$ 145,126 as of December 31, 2024), ii) alleged non-payment in the amount of R$ 271,322 as of June 30, 2025 (R$ 203,531 as of December 31, 2024); iii) conditioned fruition of tax incentive in the amount of R$ 237,507 as of June 30, 2025 (R$ 191,549 as of December 31, 2024); iv) inventory differences in the amount of R$ 291,592 as of June 30, 2025 (R$ 279,448 as of December 31, 2024); v) 2% surcharge on products considered non-essential (hydrated ethanol) in the amount of R$ 236,001 as of June 30, 2025 (R$ 223,691 as of December 31, 2024); vi) disallowance of credits on interstate transfers in the amount of R$ 268,015 as of June 30, 2025 (proceeding received in March 2025).

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$ 205,245 as of June 30, 2025 (R$ 194,508 as of December 31, 2024). On April 9, 2025, the Superior Court of Justice, under the repetitive appeals regime, ruled on the discussion (Theme 1247) in favor of the taxpayers.

Of the total amount of possible contingent tax liabilities, R$ 352,287 refers to Hidrovias on June 30, 2025.

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Notes to the interim financial information
For the periods ended June 30, 2025

b.2 Contingent civil liabilities

The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the amount of R$ 779,749 as of June 30, 2025, of this amount R$ 11,117 refers to Hidrovias, (R$ 815,203 as of December 31, 2024), mainly represented by the following proceedings involving subsidiary Cia. Ultragaz: (i) administrative proceedings filed by CADE, referring to alleged anti-competitive practices in municipalities in the Triângulo Mineiro region in 2001. At the administrative level, Cia. Ultragaz was ordered to pay a fine, in the updated amount of R$ 38,557 as of June 30, 2025 (R$ 38,005 as of December 31, 2024). The imposition of such administrative decision was suspended by a court order and its merit is being judicially reviewed; and (ii) lawsuits filed by resellers, who are seeking indemnity, in addition to the nullity and termination of distribution contracts, totaling R$ 161,315 as of June 30, 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$ 62,343 (R$ 36,146 as of December 31, 2024), for which an indemnification asset was recorded, comprising R$ 195 as of June 30, 2025 (R$ 32,380 as of December 31, 2024) for tax claims, R$ 58,567 for civil claims (R$ 220 as of December 31 2024) and R$ 3,581 (R$ 3,545 as of December 31, 2024) for labor claims.

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, with a current balance of R$ 89,806 as of June 30, 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 reimbursed to subsidiary Iconic in the event of losses without the need to recognize an allowance for expected credit losses.

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 28, 2024, August 7, 2024 and February 26, 2025, the Board of Directors confirmed the issuance of 191,778, 35,235 and 67,679, 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, 775,291 shares linked to the subscription warrants – indemnification were canceled and not issued. As of June 30, 2025, R$ 4,929 was recorded as financial expense (financial income of R$ 14,505 as of June 30, 2024) due to the update of subscription warrants, and 2,938,962 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$ 51,549 (R$ 47,745 as of December 31, 2024).

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

20. Equity

a. Share capital

As of June 30, 2025, the subscribed and paid-up capital consists of 1,115,507,182 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.

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 outstanding shares on B3 as of June 30, 2025 was R$ 17.54 (R$ 15.88 as of December 31, 2024).

As of June 30, 2025, there were 67,360,389 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 June 30, 2025, the balance of treasury shares granted with right of use was 18,228,293 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, in accordance with CVM Resolutions 2/20 and 77/22.

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. In 2024, 8,900,000 shares were acquired at an average cost of R$ 16.74 per share and, in 2025, 14,700,000 shares were acquired at an average cost of R$ 16.62 per share.

As of June 30, 2025, the balance was R$ 810,331 (R$ 596,400 as of December 31, 2024) and 27,878,935 common shares (19,283,471 as of December 31, 2024) were held unrestricted in the Company's treasury, acquired at an average cost of R$ 17.57 per share.

|  | 06/30/2025
Balance of unrestricted shares held in treasury |  | 27,878,935
Balance of treasury shares granted with right of use |  | 18,228,293
Total balance of treasury shares as of June 30, 2025 |  | 46,107,228

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 and February 26, 2025, there was an increase in the reserve in the amounts of R$ 5,631, R$ 821 and R$ 1,126, respectively, due to the partial exercise of the subscription warrants – indemnification (see Note 19).

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Notes to the interim financial information
For the periods ended June 30, 2025

e. Approval of dividends

On February 26, 2024, the Board of Directors approved the distribution of dividends 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 Shareholders’ Meeting on April 16, 2025.

21. Net revenue from sales and services (Consolidated)

| 06/30/2025 |  | 06/30/2024
Sales revenue: |  |  |
Merchandise | 68,208,150 |  | 64,439,068
Services rendered and others | 1,358,739 |  | 875,250
Electricity (1) | 359,665 |  | ‐
Sales returns, rebates and discounts | (483,469) |  | (514,560)
Amortization of contract assets | (218,580) |  | (254,977)
| 69,224,505 |  | 64,544,781
Taxes on sales | (1,840,200) |  | (1,804,932)
Net revenue | 67,384,305 |  | 62,739,849

(1) | Refers to revenue from the sale of electricity of subsidiary Witzler, acquired by Ultragaz in 2024. For further information, see Note 27.c.

22. Costs, expenses and other operating results by nature

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

| Parent |  | Consolidated
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Raw materials and materials for use and consumption | ‐ |  | ‐ |  | (61,725,203) |  | (57,601,501)
Personnel expenses | (145,062) |  | (123,920) |  | (1,336,500) |  | (1,254,139)
Freight and storage | ‐ |  | ‐ |  | (573,585) |  | (625,499)
Depreciation and amortization | (7,819) |  | (7,430) |  | (526,211) |  | (453,800)
Services provided by third parties | (47,971) |  | (34,305) |  | (353,266) |  | (347,580)
Purchase of electricity (a) | ‐ |  | ‐ |  | (299,261) |  | ‐
Decarbonization obligation (b) | ‐ |  | ‐ |  | (220,453) |  | (321,269)
Amortization of right-of-use assets | (1,453) |  | (1,362) |  | (171,734) |  | (149,925)
Advertising and marketing | (1,554) |  | (798) |  | (83,073) |  | (88,572)
Other expenses and income, net (c) | 36,108 |  | 18,694 |  | 250,038 |  | (121,720)
SSC/Holding expenses | 190,424 |  | 156,211 |  | ‐ |  | ‐
Total | 22,673 |  | 7,090 |  | (65,039,248) |  | (60,964,005)
Classified as: |  |  |  |  |  |  |
Cost of products and services sold | ‐ |  | ‐ |  | (63,094,967) |  | (58,570,545)
Selling and marketing | ‐ |  | ‐ |  | (1,250,088) |  | (1,213,129)
General and administrative | (27,628) |  | (24,765) |  | (1,057,746) |  | (954,302)
Other operating income (expenses), net | 50,301 |  | 31,855 |  | 363,553 |  | (226,029)
Total | 22,673 |  | 7,090 |  | (65,039,248) |  | (60,964,005)

(a) | Refers to the purchase of electricity of subsidiary Witzler, 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 period of R$ 487,254, see Note 7.

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Notes to the interim financial information
For the periods ended June 30, 2025

23. Financial result

| Parent |  | Consolidated
| 06/30/2025 |  | 06/30/2024 |  | 06/30/2025 |  | 06/30/2024
Financial income: |  |  |  |  |  |  |
Interest on financial investments | 22,542 |  | 15,473 |  | 349,955 |  | 283,968
Interest from customers | ‐ |  | ‐ |  | 72,687 |  | 72,965
Update of subscription warrants (see Note 19) | ‐ |  | 14,505 |  | ‐ |  | 14,505
Selic interest on PIS/COFINS credits (a) | ‐ |  | 3 |  | 391,605 |  | 22,212
Update of provisions and other income | 5,438 |  | 12,891 |  | 7,011 |  | 47,130
| 27,980 |  | 42,872 |  | 821,258 |  | 440,780
Financial expenses: |  |  |  |  |  |  |
Interest on loans, financing and financial instruments | (1,149) |  | (911) |  | (909,601) |  | (585,870)
Interest on leases payable | (348) |  | (399) |  | (70,688) |  | (65,913)
Update of subscription warrants (see Note 19) | (4,929) |  | ‐ |  | (4,929) |  | ‐
Bank charges, financial transactions tax, and other taxes | (401) |  | (17,475) |  | (85,130) |  | (81,114)
Foreign exchange variations, net of gain (loss) on derivative financial instruments | ‐ |  | 1,624 |  | 99,930 |  | (177,953)
Update of provisions, net, and other expenses | (90) |  | (5,602) |  | (62,222) |  | (18,447)
| (6,917) |  | (22,763) |  | (1,032,640) |  | (929,297)
Total | 21,063 |  | 20,109 |  | (211,382) |  | (488,517)

(a) | Include the result of financial income arising from extemporaneous credits recognized in the period of R$ 360,951, see Note 7.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

24. Earnings per share (Parent and Consolidated)

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.

| 04/01/2025 to 06/30/2025 |  | 01/01/2025 to 06/30/2025 |  |  |  |
| Continuing Operations |  | Discontinued Operations |  | Total |  | Continuing Operations |  | Discontinued Operations |  | Total |  | 04/01/2024 to 06/30/2024 |  | 01/01/2024 to 06/30/2024
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income for the year of the Company | 1,099,497 |  | (11,133) |  | 1,088,364 |  | 1,432,343 |  | (11,133) |  | 1,421,210 |  | 437,915 |  | 869,389
Weighted average number of shares outstanding (in thousands) | 1,088,259 |  | 1,088,259 |  | 1,088,259 |  | 1,091,096 |  | 1,091,096 |  | 1,091,096 |  | 1,103,371 |  | 1,101,195
Basic earnings per share - R$ | 1.0103 |  | (0.0102) |  | 1.0001 |  | 1.3128 |  | (0.0102) |  | 1.3026 |  | 0.3969 |  | 0.7895
Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income for the year of the Company | 1,099,497 |  | (11,133) |  | 1,088,364 |  | 1,432,343 |  | (11,133) |  | 1,421,210 |  | 437,915 |  | 869,389
Weighted average number of outstanding shares (in thousands), including dilution effects | 1,109,447 |  | 1,109,447 |  | 1,109,447 |  | 1,110,201 |  | 1,110,201 |  | 1,110,201 |  | 1,119,410 |  | 1,115,517
Diluted earnings per share - R$ | 0.9910 |  | (0.0100) |  | 0.9810 |  | 1.2902 |  | (0.0100) |  | 1.2801 |  | 0.3912 |  | 0.7794
Weighted average number of shares (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares for basic earnings per share | ‐ |  | ‐ |  | 1,088,259 |  | ‐ |  | ‐ |  | 1,091,096 |  | 1,103,371 |  | 1,101,195
Dilution effect |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subscription warrants | ‐ |  | ‐ |  | 2,939 |  | ‐ |  | ‐ |  | 2,939 |  | 3,064 |  | 3,078
Stock plan | ‐ |  | ‐ |  | 18,249 |  | ‐ |  | ‐ |  | 16,166 |  | 12,975 |  | 11,244
Weighted average number of shares for diluted earnings per share | ‐ |  | ‐ |  | 1,109,447 |  | ‐ |  | ‐ |  | 1,110,201 |  | 1,119,410 |  | 1,115,517

Earnings per share were adjusted retrospectively by the issuance of 2,924,003 common shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in Note 19.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

25. 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:

| 06/30/2025 |  | 06/30/2024
Net revenue from sales and services: |  |  |
Brazil | 66,624,702 |  | 61,911,218
Europe | 45,037 |  | 37,272
United States of America and Canada | 501,515 |  | 574,070
Other Latin American countries | 119,885 |  | 129,521
Others | 93,166 |  | 87,768
Total | 67,384,305 |  | 62,739,849

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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.

06/30/2025
Profit or loss | Ipiranga | Ultragaz | Ultracargo | Hidrovias (3) | Others (1) (2) | Subtotal Segments | Eliminations | Total
Net revenue from sales and services | 60,530,226 | 5,989,918 | 517,344 | 425,155 | 4,352 | 67,466,995 | (82,690) | 67,384,305
Transactions with third parties | 60,531,036 | 5,989,282 | 438,371 | 425,155 | 3,490 | 67,387,334 | ‐ | 67,387,334
Intersegment transactions | (810) | 636 | 78,973 | ‐ | 862 | 79,661 | (82,690) | (3,029)
Cost of products and services sold | (57,853,591) | (4,875,566) | (207,706) | (235,860) | ‐ | (63,172,723) | 77,756 | (63,094,967)
Gross profit | 2,676,635 | 1,114,352 | 309,638 | 189,295 | 4,352 | 4,294,272 | (4,934) | 4,289,338
Operating income (expenses) |  |  |  |  |  |  |  |
Selling and marketing | (936,328) | (311,534) | (4,669) | (1,078) | ‐ | (1,253,609) | 3,521 | (1,250,088)
General and administrative | (598,337) | (199,131) | (82,273) | (38,975) | (143,399) | (1,062,115) | 4,369 | (1,057,746)
Results from disposal of property, plant and equipment and intangible assets | 39,271 | (16,756) | 40 | (1,855) | 1 | 20,701 | ‐ | 20,701
Other operating income (expenses), net | 290,704 | 17,022 | 6,950 | (528) | 49,405 | 363,553 | ‐ | 363,553
Operating income (loss) | 1,471,945 | 603,953 | 229,686 | 146,859 | (89,641) | 2,362,802 | 2,956 | 2,365,758
Share of profit (loss) of subsidiaries, joint ventures and associates | (6,219) | 758 | 2,357 | (84,188) | (20,373) | (107,665) | ‐ | (107,665)
Amortization of fair value adjustments on associates acquisition | ‐ | ‐ | (805) | ‐ | ‐ | (805) | ‐ | (805)
Gain (loss) on acquisition of control of associate | ‐ | ‐ | ‐ | 91,105 | ‐ | 91,105 | ‐ | 91,105
Total share of profit (loss) of subsidiaries, joint ventures and associates | (6,219) | 758 | 1,552 | 6,917 | (20,373) | (17,365) | ‐ | (17,365)
Income (loss) before financial result and income and social contribution taxes | 1,465,726 | 604,711 | 231,238 | 153,776 | (110,014) | 2,345,437 | 2,956 | 2,348,393
Depreciation and amortization (a) | 238,565 | 160,976 | 59,250 | 50,802 | 9,253 | 518,846 | (2,953) | 515,893
Amortization of contractual assets with customers - exclusivity rights | 218,579 | 1 | ‐ | ‐ | ‐ | 218,580 | ‐ | 218,580
Amortization of right-of-use assets | 107,935 | 36,071 | 15,587 | 10,688 | 1,453 | 171,734 | ‐ | 171,734
Amortization of fair value adjustments on associates acquisition | ‐ | ‐ | 805 | ‐ | ‐ | 805 | ‐ | 805
Total depreciation and amortization | 565,0 79 | 197,048 | 75,642 | 61,490 | 10,7 06 | 909,965 | (2,953) | 907,012

(a) | The amount is net of PIS and COFINS on depreciation in the amount of R$ 10,318.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

06/30/2024
Profit or loss | Ipiranga | Ultragaz | Ultracargo | Others (1) (2) | Subtotal Segments | Eliminations | Total
Net revenue from sales and services | 57,124,000 | 5,194,022 | 526,857 | 4,775 | 62,849,654 | (109,805) | 62,739,849
Transactions with third parties | 57,123,714 | 5,193,359 | 421,190 | 1,586 | 62,739,849 | ‐ | 62,739,849
Intersegment transactions | 286 | 663 | 105,667 | 3,189 | 109,805 | (109,805) | ‐
Cost of products and services sold | (54,331,562) | (4,152,929) | (187,762) | ‐ | (58,672,253) | 101,708 | (58,570,545)
Gross profit | 2,792,438 | 1,041,093 | 339,095 | 4,775 | 4,177,401 | (8,097) | 4,169,304
Operating income (expenses) |  |  |  |  |  |  |
Selling and marketing | (939,224) | (269,146) | (5,801) | (12) | (1,214,183) | 1,054 | (1,213,129)
General and administrative | (598,567) | (169,975) | (84,542) | (111,217) | (964,301) | 9,999 | (954,302)
Results from disposal of property, plant and equipment and intangible assets | 72,913 | 889 | 26 | 53 | 73,881 | ‐ | 73,881
Other operating income (expenses), net | (274,571) | 24,655 | 5,187 | 18,700 | (226,029) | ‐ | (226,029)
Operating income (loss) | 1,052,989 | 627,516 | 253,965 | (87,701) | 1,846,769 | 2,956 | 1,849,725
Share of profit (loss) of subsidiaries, joint ventures and associates | (3,273) | 468 | 2,416 | (10,708) | (11,097) | ‐ | (11,097)
Amortization of fair value adjustments on associates acquisition | ‐ | ‐ | (1,682) | ‐ | (1,682) | ‐ | (1,682)
Total share of profit (loss) of subsidiaries, joint ventures and associates | (3,273) | 468 | 734 | (10,708) | (12,779) | ‐ | (12,779)
Income (loss) before financial result and income and social contribution taxes | 1,049,716 | 627,984 | 254,699 | (98,409) | 1,833,990 | 2,956 | 1,836,946
Depreciation and amortization (a) | 230,119 | 154,407 | 59,045 | 9,042 | 452,613 | (2,956) | 449,657
Amortization of contractual assets with customers - exclusivity rights | 254,305 | 672 | ‐ | ‐ | 254,977 | ‐ | 254,977
Amortization of right-of-use assets | 102,151 | 31,696 | 14,836 | 1,242 | 149,925 | ‐ | 149,925
Amortization of fair value adjustments on associates acquisition | ‐ | ‐ | 1,682 | ‐ | 1,682 | ‐ | 1,682
Total depreciation and amortization | 586,575 | 186,775 | 75,563 | 10,284 | 859,197 | (2,956) | 856,241

(a) | The amount is net of PIS and COFINS on depreciation in the amount of R$ 4,143.
(1) | Includes in the line “General and administrative and Revenue from sale of goods” the amount of R$ 112,730 in 2025 (R$ 82,780 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 and share of profit (loss) of joint ventures RPR and subsidiary Hidrovias.
(3) | The “Hidrovias” segment is composed of Hidrovias (HBSA3) 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).

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

c. Assets by segment

06/30/2025
Assets | Ipiranga | Ultragaz | Ultracargo | Hidrovias (1) | Others (2) | Subtotal Segments | Discontinued operations | Total
Investments | 132,819 | 5,529 | 238,505 | 49,772 | 3,591 | 430,216 | 79,549 | 509,765
Property, plant and equipment | 3,298,038 | 1,572,056 | 2,374,999 | 4,571,119 | 127,140 | 11,943,352 | (360,485) | 11,582,867
Intangible assets | 1,153,476 | 325,069 | 286,552 | 1,786,344 | 271,566 | 3,823,007 | (162,835) | 3,660,172
Right-of-use assets | 834,734 | 183,826 | 597,568 | 317,401 | 6,092 | 1,939,621 | - | 1,939,621
Other current and non-current assets | 19,522,732 | 2,512,978 | 486,192 | 2,230,116 | 2,719,979 | 27,471,997 | (256,073) | 27,215,924
Assets held for sale | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 699,844 | 699,844
Total assets (excluding intersegment transactions) | 24,941,799 | 4,599,458 | 3,983,816 | 8,954,752 | 3,128,368 | 45,608,193 | - | 45,608,193

12/31/2024
Assets | Ipiranga | Ultragaz | Ultracargo | Others (2) | 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

(1) | The “Hidrovias” column is formed of Hidrovias and its parent company Ultra Logística, which is 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 and share of profit (loss) of joint venture RPR.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

26. Financial instruments (Consolidated)

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).

|  | Level |  | Carrying value |  | Carrying value |  | Fair value
June 30, 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 |  |  | ‐ |  | 979,457 |  | 979,457 |  | 979,457
Securities and funds in local currency | 4.a |  |  | ‐ |  | 1,266,299 |  | 1,266,299 |  | 1,266,299
Securities and funds in foreign currency | 4.a |  |  | ‐ |  | 651,662 |  | 651,662 |  | 651,662
Financial investments |  |  |  |  |  |  |  |  |  |
Securities and funds in local currency | 4.b | Level 2 |  | 995,664 |  | ‐ |  | 995,664 |  | 995,664
Securities and funds in foreign currency | 4.b |  |  | ‐ |  | 2,512,437 |  | 2,512,437 |  | 2,512,437
Derivative financial instruments |  |  |  |  |  |  |  |  |  |
Financial | 26.f | Level 2 |  | 715,139 |  | ‐ |  | 715,139 |  | 715,139
Operational | 26.f | Level 2 |  | 76,447 |  | - |  | 76,447 |  | 76,447
Energy trading futures contracts | 26.h | Level 2 |  | 540,384 |  | ‐ |  | 540,384 |  | 540,384
Trade receivables | 5.a |  |  | ‐ |  | 4,155,912 |  | 4,155,912 |  | 4,155,912
Reseller financing | 5.a |  |  | ‐ |  | 1,345,850 |  | 1,345,850 |  | 1,345,850
Related parties | 8 |  |  | ‐ |  | 59,653 |  | 59,653 |  | 59,653
Other receivables and other assets | - |  |  | ‐ |  | 575,553 |  | 575,553 |  | 575,553
Total |  |  |  | 2,327,634 |  | 11,546,823 |  | 13,874,457 |  | 13,874,457
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Financing and debentures | 15.a | Level 2 |  | 7,257,847 |  | 9,931,050 |  | 17,188,897 |  | 18,310,958
Derivative financial instruments |  |  |  |  |  |  |  |  |  |
Financial | 26.f | Level 2 |  | 419,840 |  | ‐ |  | 419,840 |  | 419,840
Operational | 26.f | Level 2 |  | 32,159 |  | ‐ |  | 32,159 |  | 32,159
Energy trading futures contracts | 26.h | Level 2 |  | 282,853 |  | ‐ |  | 282,853 |  | 282,853
Trade payables | 16.a |  |  | ‐ |  | 2,855,419 |  | 2,855,419 |  | 2,855,419
Trade payables - reverse factoring | 16.b |  |  | ‐ |  | 257,822 |  | 257,822 |  | 257,822
Subscription warrants – indemnification | 19 | Level 1 |  | 51,549 |  | ‐ |  | 51,549 |  | 51,549
Financial liabilities of customers | - |  |  | ‐ |  | 122,304 |  | 122,304 |  | 122,304
Contingent consideration | - |  |  | - |  | 17,725 |  | 17,725 |  | 17,725
Related parties | 8 |  |  | ‐ |  | 3,679 |  | 3,679 |  | 3,679
Other payables | - |  |  | ‐ |  | 148,818 |  | 148,818 |  | 148,818
Total |  |  |  | 8,044,248 |  | 13,336,817 |  | 21,381,065 |  | 22,503,126

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

|  | Level |  | Carrying value |  | Carrying value |  | Fair value
December 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 | Level 3 |  | 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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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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; (ii) supply risk margin; and (iii) 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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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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 | 06/30/2025 |  | 12/31/2024 |  | Index | 06/30/2025 |  | 12/31/2024
Assets |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents, and financial investments | 4.a | USD | 3,610,320 |  | 3,428,520 |  | DI | 2,261,963 |  | 3,558,131
Trade receivables, net of allowance for expected credit losses | 5.a | USD | 195,168 |  | 27,393 |  |  | ‐ |  | ‐
Inventories | 6 | BRL/ USD | ‐ |  | 93,821 |  | DI | ‐ |  | ‐
Other assets in foreign currency |  | USD | 45,470 |  | 21,028 |  |  | ‐ |  | ‐
|  |  | 3,850,958 |  | 3,570,762 |  |  | 2,261,963 |  | 3,558,131
Liabilities |  |  |  |  |  |  |  |  |  |
Loans, financing and debentures (1) | 15.a | USD/ EUR/ JPY | (7,648,185) |  | (6,681,657) |  | DI | (4,480,119) |  | (3,515,010)
Loans – FINEP | 15.a |  | ‐ |  | ‐ |  | TJLP | (33,893) |  | (679)
Payables arising from imports | 16.a | USD | (929,084) |  | (936,140) |  |  | ‐ |  | ‐
Other liabilities in foreign currency |  | USD | (128,726) |  | (41,298) |  |  | ‐ |  | ‐
|  |  | (8,705,995) |  | (7,659,095) |  |  | (4,514,012) |  | (3,515,689)
Derivative instruments | 26.f | USD / EUR / JPY | 4,099,080 |  | 3,470,855 |  | DI | (8,380,486) |  | (6,380,131)
|  |  | (755,957) |  | (617,478) |  |  | (10,632,535) |  | (6,337,689)
Net liability position - equity |  |  | (435,533) |  | ‐ |  |  | ‐ |  | ‐
Net liability position - profit or loss |  |  | (320,424) |  | (617,478) |  |  | (10,632,535) |  | (6,337,689)

(1) | Gross transaction costs of R$ 6,675 (R$ 7,807 as of December 31, 2024) and discount on notes in the foreign market of R$ 3,815 (R$ 5,246 as of December 31, 2024).

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 | (11,603) |  | (22,271)
Effect on equity | (15,425) |  | -
Total | (27,028) |  | (22,271)

(i) | The average U.S. dollar rate of R$ 5.6504 was used for the sensitivity analysis, based on future market curves as of June 30, 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$ 5.4571. The table above shows the effects of the exchange rate changes on the net liability position of R$ 755,957 (or US$ 138,527 using the closing rate) in foreign currency as of June 30, 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 14.69% according to reference rates made available by B3.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

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 IPP. The objective is to convert the cost of the imported product from fixed to variable until fuel blending, aligning it to the sales price. IPP 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)
|  | 06/30/2025 |  | 12/31/2024 |  | 06/30/2025 |  | 12/31/2024
Commodity forward |  | 27,890 |  | (7,707) |  | (22,132) |  | (12,430)

(1) | The table above shows the positions of derivative financial instruments to hedge commodity price risk as of June 30, 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 26.f.

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 June 30, 2025, by counterparty rating, is summarized below:

|  | Fair value
Counterparty credit rating |  | 06/30/2025 |  | 12/31/2024
AAA |  | 6,671,963 |  | 7,557,385
AA |  | 478,168 |  | 305,686
A |  | 3,846 |  | 3,668
Others |  | 43,128 |  | 164,945
Total |  | 7,197,105 |  | 8,031,684

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.

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Notes to the interim financial information
For the periods ended June 30, 2025

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 June 30, 2025, the Company and its subsidiaries had R$ 3,985,522 in cash, cash equivalents, and short-term financial investments (for quantitative information, see Note 4).

The table below presents a summary of financial liabilities and leases payable as of June 30, 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) | 4,900,956 | 8,805,162 | 4,807,832 | 4,000,411 | 22,514,361
Derivative instruments (3) | 593,318 | 574,699 | 164,089 | 30,139 | 1,362,245
Trade payables | 2,855,419 | ‐ | ‐ | ‐ | 2,855,419
Trade payables - reverse factoring | 257,822 | ‐ | ‐ | ‐ | 257,822
Leases payable | 499,571 | 578,195 | 379,390 | 1,216,294 | 2,673,450
Financial liabilities of customers | 93,631 | 69,967 | ‐ | ‐ | 163,598
Other payables | 147,594 | 7,851 | ‐ | ‐ | 155,445
| 9,348,311 | 10,035,874 | 5,351,311 | 5,246,844 | 29,982,340

(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 June 30, 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 June 30, 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 and financing, including 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 26 Classes and categories of financial instruments and their fair values, and equity.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

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 period/year is as follows:

|  | Consolidated
|  | 06/30/2025 |  | 12/31/2024
Gross debt and lease payable (a) |  | 18,937,993 |  | 15,345,662
Cash, cash equivalents, and short-term investments (b) |  | 6,405,519 |  | 7,197,699
Financial instruments (c) |  | 295,299 |  | 405,941
Net debt = (a) - (b) - (c) |  | 12,237,175 |  | 7,742,022
Equity |  | 18,395,769 |  | 15,823,444
Net debt-to-equity ratio |  | 6 6.52% |  | 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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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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 06/30/2025 |  | Gains (losses) as of 06/30/2025
|  | Assets | Liabilities |  |  |  | 06/30/2025 |  | Assets |  | Liabilities |  | Profit or loss |  | Fair value adjustment of debt - R$
Foreign exchange swap (1) |  | USD + 5.1% | 105.0% DI |  | Apr/26 |  | USD 243,565 |  | 4,043 |  | (76,580) |  | (172,444) |  | 14,832
Foreign exchange swap (1) |  | 14.6% | 106.6% DI |  | Oct/27 |  | USD 89,437 |  | 3,511 |  | ‐ |  | 3,511 |  | (12,393)
Foreign exchange swap (1) |  | EUR + 3.0% | 104.0% DI |  | Feb-27 |  | EUR 77,535 |  | ‐ |  | (2,768) |  | (33,776) |  | (2,349)
Foreign exchange swap (1) |  | JPY + 1.5% | 109.4% DI |  | - |  | - |  | ‐ |  | - |  | (30,066) |  | -
Foreign exchange swap (1) |  | SOFR + 0.9% | 103.3% DI |  | Feb/26 |  | USD 104,535 |  | - |  | (43,285) |  | (52,011) |  | 2,673
Interest rate swap (1) |  | IPCA + 5.2% | 103.0% DI |  | Jun/32 |  | BRL 3,040,000 |  | 342,109 |  | (1,798) |  | 81,704 |  | (72,429)
Interest rate swap (1) |  | IPCA + 2.9% | 69.5% DI |  | Nov/41 |  | BRL 252,441 |  | ‐ |  | (6,627) |  | (4,055) |  | 20,965
Interest rate swap (1) |  | 11.2% | 104.3% DI |  | Jul/27 |  | USD 525,791 |  |  |  | (28,114) |  | 19,655 |  | (24,986)
Commodity forward (1) |  | BRL | Heating Oil/ RBOB |  | Dec/25 |  | USD 53,600 |  | 45,907 |  | (17,468) |  | 17,533 |  | ‐
NDF (1) |  | BRL | USD |  | Dec/25 |  | USD 16,532 |  | 6,590 |  | (4,087) |  | 9,655 |  | ‐
|  |  |  |  |  |  | Total - designated |  | 402,160 |  | (180,727) |  | (160,294) |  | (73,687)
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swap |  | USD + 0.0% | 52.5% CDI |  | Jun/29 |  | USD 300,000 |  | 361,101 |  | ‐ |  | (174,268) |  | ‐
Foreign exchange swap |  | USD + 4.9% | CDI + 1.6% |  | Oct/31 |  | USD 50,000 |  | ‐ |  | (12,83 5) |  | (63,889) |  | ‐
NDF |  | USD | BRL |  | Sept/25 |  | USD 14,459 |  | 19,654 |  | (6,808) |  | (20,034) |  | ‐
Commodity forward |  | BRL | Heating Oil/ RBOB |  | Nov/25 |  | USD 25,787 |  | 8,671 |  | (9,220) |  | 4,731 |  | ‐
Interest rate swap |  | USD + 5.2% | CDI -1.4% |  | Jun/29 |  | USD 300,000 |  | ‐ |  | (242,409) |  | 21,204 |  | ‐
|  |  |  |  |  |  | Total - not designated |  | 389,426 |  | (271,272) |  | (232,256) |  | ‐
|  |  |  |  |  |  | Total |  | 791,586 |  | (451,999) |  | (392,550) |  | (73,687)

(1) | Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).
(2) | Currency as indicated.

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Notes to the interim financial information
For the periods ended June 30, 2025

Derivatives designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |
Product |  | Contracted rates |  | Maturity |  | Notional amount (3) |  | Fair value as of 06/30/2024 |  | Gains (losses) as of 06/30/2024
|  | Assets | Liabilities |  |  |  | 06/30/2024 |  | Assets |  | Liabilities |  | Profit or loss |  | Fair value adjustment of debt - R$
Foreign exchange swap (1) |  | USD + 0.0% | 53.6% DI |  | - |  | - |  | ‐ |  | ‐ |  | 5,581 |  | ‐
Foreign exchange swap (1) |  | USD + 5.4% | 109.9% DI |  | Sept/25 |  | USD 206,067 |  | 38,756 |  | ‐ |  | 120,065 |  | 1,931
Foreign exchange swap (1) |  | EUR + 5.2% | 109.4% DI |  | Mar/25 |  | EUR 120,147 |  | 30,058 |  | ‐ |  | 38,259 |  | 3,266
Foreign exchange swap (1) |  | JPY + 1.6% | 109.0% DI |  | Mar/25 |  | JPY 24,098,829 |  | 2,284 |  | (85,110) |  | (24,728) |  | (6,546)
Interest rate swap (1) |  | IPCA + 5.1% | 104.0% DI |  | Jun/32 |  | BRL 2,873,693 |  | 418,857 |  | ‐ |  | (131,339) |  | 41,421
Interest rate swap (1) |  | 10.48% | 103.6% DI |  | Jul/27 |  | BRL 615,791 |  | ‐ |  | (18,250) |  | (30,864) |  | (11,412)
Commodity forward (1) |  | BRL | Heating Oil/ RBOB |  | Dec/24 |  | USD 184,089 |  | 20,042 |  | (6,461) |  | (26,465) |  | ‐
NDF (1) |  | BRL | USD |  | Dec/24 |  | USD 95,671 |  | 2,591 |  | (12,489) |  | (29,462) |  | ‐
|  |  |  |  |  |  | Total - designated |  | 512,588 |  | (122,310) |  | (78,953) |  | 28,660
Derivatives not designated as hedge accounting |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange swap |  | USD + 0.0% | 52.5% CDI |  | Jun/29 |  | USD 300,000 |  | 330,318 |  | ‐ |  | 136,792 |  | ‐
NDF |  | USD | BRL |  | Sept/24 |  | USD 104,952 |  | 12,849 |  | (7,111) |  | 41,968 |  | ‐
Commodity forward |  | BRL | Heating Oil/ RBOB |  | Feb/25 |  | USD 346,287 |  | 33,137 |  | (32,805) |  | (1,580) |  | ‐
Interest rate swap |  | USD + 5.2% | CDI - 1.4% |  | Jun/29 |  | USD 300,000 |  | ‐ |  | (236,315) |  | (71,678) |  | ‐
|  |  |  |  |  |  | Total - not designated |  | 376,304 |  | (276,231) |  | 105,502 |  | ‐
|  |  |  |  |  |  | Total |  | 888,892 |  | (398,541) |  | 26,549 |  | 28,660

(1) | Derivative financial instruments designated for fair value hedge accounting (see Note 26.g.1).
(2) | Currency as indicated.

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Notes to the interim financial information
For the periods ended June 30, 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 June 30, 2025, no material ineffectiveness was identified in fair value hedge operations.

g.2 Cash flow hedge

The subsidiary Hidrovias Cabotagem adopts cash flow hedge to protect part of its future revenues in dollars, linked to a long-term contract, using the principal of the debt in foreign currency contracted from BNDES as a hedging instrument.

Exchange rate variations are recognized on a monthly basis in other comprehensive income and reclassified to statement on income as the hedged revenues are recognized.

The effectiveness of the hedge is monitored according to the offsetting variations between the instrument and the hedged item.

From 2025 onwards, subsidiary Hidrovias began to present the effects of Cabotagem as Discontinued Operation, see Note 28.

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/CPC 48, 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

| Valuation technique |  | Fair value of energy contracts |  | Sensitivity of inputs to fair value (a)
Financial assets | Discounted cash flow method |  | 540,384 |  | +10% | 623,683
|  |  | -10% | 444,149
Financial liabilities |  | 282,853 |  | +10% | 398,213
|  |  | -10% | 189,806

(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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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 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.

In the second quarter of 2025, the acquisition of 3 of the 49 service stations was completed. The total amount paid for these stations was R$ 6,211, of which R$ 3,628 had already been paid previously 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/CPC 48. 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/CPC 18.

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 180,923,231 shares of Hidrovias for R$ 345,892. Of this amount, 42,877,800 refer to common shares (HBSA3), in the amount of R$ 122,263, and 138,045,431 correspond to subscription rights (HBSA1 and HBSA9), in the amount of R$ 223,629, all linked to the capital increase of 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, carried out, in the same month the control was acquired, the provisional allocation of the purchase price (“Purchase Price Allocation” – PPA), with the identification of assets acquireds and assumed liabilities measured at fair value and the recognition of the accounting goodwill. Additionally, the Company does not expect to the tax amortization of revaluation of assets and liabilities remeasured at fair value. Therefore, the deferred income tax liability is recognized on the provisional capital gains and losses recorded. The allocation was considered provisional in function of the ongoing necessary analysis. The Company predicts to conclude the process and realize the final alocation until the closing of the financial year of 2025.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

The table below summarizes the consolidated balances of assets acquired and liabilities assumed at the acquisition date recognized at fair value, reflecting the purchase price allocations and provisional goodwill determination:

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 | 4,275,648
Intangible assets, net | 1,292,934
Right-of-use asset, net | 331,202
Derivative instruments | 6,270

Liabilities |
Loans and financing | 3,542,285
Trade payables | 104,490
Salaries and related charges | 46,246
Taxes payable, income and social contribution taxes payable | 126,869
Deferred tax liabilities | 590,220
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 interim financial information
For the periods ended June 30, 2025

Goodwill based on expected future profitability | 332,374
Non-controlling interests(1) | 1,666,929
Assets and liabilities consolidated in the opening balance | 2,009,334
Assets acquired | 4,392,110
Liabilities assumed | (2,715,149)
Goodwill based on expected future profitability | 332,374
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 CPC 18 (R2) / IAS 28. With the acquisition of control, assets, liabilities, revenues and expenses are fully consolidated, in accordance with CPC 36 (R3) / IFRS 10. In line with the provisions of CPC 15 (R1) / 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:

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 period. 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 shareholder transactions. Through these additional acquisitions, the interest in Hidrovias on June 30, 2025 was 52.05%.

From the date of acquisition until June 30, 2025, Hidrovias contributed to the Company with net revenue of R$ 458,060 and net income of R$ 54,520. If the acquisition had taken place on January 1, 2025, the Company would have consolidated net revenue of R$ 68,063,189 and net income of R$ 1,541,942.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

c. WTZ Participações S.A.

On September 1, 2024, through subsidiary Cia Ultragaz, the Company acquired 51.7% of the voting share capital of WTZ Participações S.A. (“Witzler”). The transaction qualifies as a business combination as defined in IFRS 3 (CPC 15 (R1)) – 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.

Witzler 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$ 45,106. The remaining transaction amount of R$ 278 was recorded under “Other payables”. 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$ 52,038. The purchase price allocation (“PPA”) will be completed in 2025.

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 | 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 | 11
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 | 2,641
Goodwill based on expected future profitability | 52,038
Non-controlling interests | 67,4 98
Assets and liabilities consolidated in the opening balance | 124,288

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

Assets acquired | 130,867
Liabilities assumed | 58,617
Goodwill based on expected future profitability | 52,038
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 | 45,106
Contingent consideration to be settled | 278
Total consideration | 124,288
Net cash outflow resulting from acquisition |
Initial consideration in cash | 55,000
Contingent consideration settled | 45,106
Cash and cash equivalents acquired | (5,399)
Acquisition value | 94,707

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 amount (enterprise value) is R$ 715 million, which 195 million refers to the amount of equity (equity value) and R$ 521 million of debt amount, as of December 31, 2024. The full amount will be paid on the closing date of the transaction, and will be subject to usual price adjustments for this type of transaction, including working capital adjustments.

The transaction was approved by CADE without restrictions on April 16, 2025. The transaction will be closed after the completion of other usual conditions precedent for this type of operation.

On June 30, 2025, Hidrovias performed the impairment test on the assets and identified a difference between the transaction value and the carrying amount of the assets. Therefore, it recognized in the statement of income for the period the amount net of income tax of R$ 52,502 related to the impairment, even in the absence of evidence of operational deterioration of the assets.

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

The impairment of the assets was attributed entirely to the goodwill and the remanescent was attributed to other Hidrovias assets.

Allocation of impairment | 79,549
Deferred income and social contribution taxes | (27,047)
Net impairment(1) | 52,502

(1) | Considering the acquisition of control of Hidrovias in May 2025, according to Note 27.b, the net impairment for the period recorded in the Company is R$ 28,838.

b. The main classes of assets and liabilities classified as held for sale as of June 30, 2025 are shown below:

ASSETS | Cabotagem June/2025 |  | Eliminations |  | Impact of impairment |  | Cessation of depreciation |  | B alance as of 06/30/2025
Cash and cash equivalents | 11,520 |  | - |  | - |  | - |  | 11,520
Financial investments | 855 |  | - |  | - |  | - |  | 855
Trade receivables | 45,277 |  | - |  | - |  | - |  | 45,277
Inventories | 16,754 |  | - |  | - |  | - |  | 16,754
Recoverable taxes | 872 |  | - |  | - |  | - |  | 872
Recoverable income and social contribution taxes | 26,198 |  | - |  | - |  | - |  | 26,198
Credits with related parties | 61 |  | (61) |  | - |  | - |  | -
Other assets | 28,946 |  | - |  | - |  | - |  | 28,946
Total current assets | 130,483 |  | (61) |  | - |  | - |  | 130,422
Financial investments | 19,002 |  | - |  | - |  |  |  | 19,002
Credits with related parties | 140 |  | (140) |  | - |  | - |  | -
Escrow deposits | 21,116 |  | - |  | - |  | - |  | 21,116
Deferred income tax and social contribution | 60,768 |  | - |  | 27,047 |  | (7,834) |  | 79,981
Other assets | 5,552 |  | - |  | - |  | - |  | 5,552
Property, plant and equipment | 342,026 |  | - |  | - |  | 18,459 |  | 360,485
Intangible assets | 158,253 |  | - |  | (79,549) |  | 4,582 |  | 83,286
Total non-current assets | 606,857 |  | (140) |  | (52,502) |  | 15,207 |  | 569,422
Total assets | 737,340 |  | (201) |  | (52,502) |  | 15,207 |  | 699,844

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

LIABILITIES AND EQUITY | Cabotagem June/2025 |  | Eliminations |  | Impact of impairment |  | Cessation of depreciation |  | B alance as of 06/30/2025
Trade payables | 20,308 |  | - |  | - |  | - |  | 20,308
Loans, financing and debentures | 63,903 |  | - |  | - |  | - |  | 63,903
Social and labor obligations | 3,310 |  | - |  | - |  | - |  | 3,310
Taxes payable | 13,948 |  | - |  | - |  | - |  | 13,948
Income and social contribution taxes | 5,259 |  | - |  | - |  | - |  | 5,259
Payables from related parties | 1,081 |  | (1,081) |  | - |  | - |  | -
Legal claims | 62 |  | - |  | - |  | - |  | 62
Total current liabilities | 107,871 |  | (1,081) |  | - |  | - |  | 106,790
Loans, financing and debentures | 365,453 |  | - |  | - |  | - |  | 365,453
Total non-current liabilities | 365,453 |  | - |  | - |  | - |  | 365,453
Share capital | 234,557 |  | (234,557) |  | - |  | - |  | -
Retained earnings (loss) | 136,013 |  | (98,718) |  | (52,502) |  | 15,207 |  | -
Accumulated other comprehensive income | (106,554) |  | 106,554 |  | - |  | - |  | -
Total equity | 264,016 |  | (226,721) |  | (52,502) |  | 15,207 |  | -
Total liabilities and equity | 737,340 |  | (227,802) |  | (52,502) |  | 15,207 |  | 472,243

c. The results for the period and cash flows from discontinued operation as of June 30, 2025 are shown below:

| Balance as of 06/30/2025 (1)
Net revenue from sales and services | 32,905
Cost of services sold | (25,538)
Gross profit | 7,367
Operating income (expenses) |
General and administrative | (1,451)
Other operating income (expenses) | 3,185
Impairment losses | (43,694)
Operating income (loss) before financial result and taxes | (34,593)
Financial income | 3,249
Financial expenses | (2,683)
Financial result, net | 566
Operating income (loss) before income and social contribution taxes | (34,027)
Income and social contribution taxes |
Current | 2,751
Deferred | 9,886
Profit (loss) for the period | (21,390)

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Ultrapar Participações S.A. and Subsidiaries |
Notes to the interim financial information
For the periods ended June 30, 2025

| B alance as of 06/30/2025(1)
Net cash provided by operating activities | 20,631
Net cash used in investing activities | (7,591)
Net cash used in financing activities | (12,833)
In crease in cash and cash equivalents | 207

(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 period ended June 30, 2025, the share of profit (loss) of Cabotage, net of transactions with related parties, were reclassified as Discontinued Operation in the amount of R$ 11,133.

d. Covenants

As a result of its loans from BNDES, HB Cabotagem has the following financial covenants calculated from the Financial Statements of the subsidiary: (i) maintain the capitalization ratio greater than or equal to 25%. The capitalization ratio is obtained from adjusted equity to total assets. Adjusted equity is the equity excluding foreign exchange losses and gains; and (ii) maintain the debt service coverage ratio (“DSCR”) equal to or greater than 1.3x. The DSCR is calculated based on ratio of EBITDA and variation in working capital (excluding cash and debt) to debt service and is measured annually.

The covenants of subsidiary HB Cabotagem are determined at the end of the year and on December 31, 2024 were fully achieved.

29. Events after the reporting period

a. Conclusion of share buyback program

On July 29, 2025, the Company concluded its share buyback program. During the period of the buyback, 25,000,000 common shares were acquired, corresponding to 100% of the previously announced buyback program.

b. Distribution of dividends

On August 13, 2025, the Board of Directors, in a meeting held on this date, approved the distribution of dividends in the amount of R$ 326,005, equivalent to R$ 0.30 per common share, to be paid from August 29, 2025, onwards, without remuneration or monetary adjustment.

The record date that establishes the right to receive the dividend will be August 21, 2025, in Brazil, and August 25, 2025, in the United States. Therefore, the shares will be traded “ex-dividend” from August 22, 2025, onwards on the São Paulo Stock Exchange (B3), and from August 25, 2025, onwards on the New York Stock Exchange (NYSE).

The number of shares considered to calculate the dividend per share considers the issuance of 342,691 common shares, as approved by the Board of Directors on this date.

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2Q25 Earnings Release |

São Paulo, August 13, 202 5 – Ultrapar Participações S.A. (B3: UGPA3 / NYSE: UGP, “Compa ny” or “Ultrapar”), operating in energy, mobility, and logistics infrastructure through Ultragaz, Ipiranga, Ultracargo and Hidrovias do Brasil (B3: HBSA3), today announces its results for the second quarter of 2025.

Net revenue | Adjusted EBITDA 1 | Recurring Adjusted EBITDA ¹
R$ 34.1 b illion | R$ 2.1 b illion | R$ 1.5 b illion

Net income | Cash generation from operations 2 | Investments
R$ 1.2 b illion | R$ 1.8 b illion | R$ 54 4 million

The table above considers the sum of the balances of continuing and discontinued operations.
¹ Accounting adjustments and non-recurring items described in the EBITDA calculation table – page 2.
² Cash generation from operations excluding the effect of the variations in trade payables – draft discount.

Highlights

- Continuity of good operating results of Ultrapar.

Strong operating cash generation of R$ 1.8 billion, of which R$ 0.9 billion was used to reduce draft discount, due to the IOF tax burden.

Hidrovias’ record results, highlighting the favorable navigability and tariffs adjustments.

- Advances in Hidrovias’ strategic agenda:

Ultrapar became the controlling shareholder following the completion of the capital increase.

Net debt reduction driven by improved results and capital increase, with capital cost optimization following the partial buyback of the 2031 bond and the issuance of debentures.

- Extraordinary tax credits of R$ 0.7 billion at Ipiranga, related to the remaining portion of historical ICMS in the PIS/COFINS calculation base.
- Continuity of irregularities in the fuel sector, with increased i rregular imports of naphtha sold as gasoline, and non-compliance with the biodiesel blending mandate in diesel. There were advances in combating such irregularities, such as the implementation of a single-phase taxation of hydrated ethanol for PIS/COFINS in May, and the introduction of tax solidarity for r esellers and distributors regarding unpaid ICMS in São Paulo, starting in August. Stricter RenovaBio non-compliance laws, although in effect, had limited impact due to court injunctions preventing the disclosure of sanctioned companies’ names.

- Conclusion of the Paulínia (Opla) railway branch during the quarter and gradual ramp-up of operations in Palmeirante starting in July 2025.

- R$ 1 billion fundraising at Ipiranga, with an average cost equivalent to 106% CDI, below the current cost of debt.

- Completion of the share s buyback program of 25 million shares at an average price of R$16.64.

- Distribution of R$ 326 million in interim dividends, equivalent to R$ 0.30 per share.

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2Q25 |

Considerations on the financial and operational information

The financial information presented on this document were extracted from the individual and consolidated interim financial information ("Quarterly Information") for period from April 1 to June 3 0, 2025, and prepared in accordance with the pronouncement CPC 21 (R1) - Interim Financial Reporting and the International Accounting Standard IAS 34 issued by the International Accounting Standards Board ("IASB"), and presented in accordance with the applicable rules for Quarterly Information, issued by the Brazilian Securities and Exchange Commission (“CVM”).

Information on Ipiranga, Ultragaz, Ultracargo and Hidrovias is presented without the elimination of intersegment transactions. Therefore, the sum of such information may not correspond to Ultrapar's consolidated information. Additionally, the financial and operational information is subject to rounding and, consequently, the total amounts presented in the tables and charts may differ from the direct numerical sum of the amounts that precede them.

Information denominated EBIT (Earnings Before Interest and Taxes on Income and Social Contribution on Net Income), EBITDA (Earnings Before Interests, Taxes on Income and Social Contribution on Net Income, Depreciation and Amortization); Adjusted EBITDA and Recurring Adjusted EBITDA are presented in accordance with Resolution 156, issued by the CVM on June 23, 2022.

Adjusted EBITDA considers adjustments from usual business transactions that impact the results but do not have potential cash generation, such as the amortization of contractual assets with customers – exclusive rights, amortization the fair value adjustments of associates, and the effect of mark-to-market of energy future contracts. Regarding Recurring Adjusted EBITDA, the Company excludes exceptional or non-recurring items, providing a more accurate and consistent view of its operational performance, avoiding distortions caused by exceptional events, whether positive or negative. T he calculation of EBITDA from net income is detailed in the table below.

In May 2025, the Company became the controlling shareholder of Hidrovias, as per the Material Fact disclosed to the market, consolidating its results as of that date. The effect of Hidrovias’ results on Ultrapar’s EBITDA in the second quarter considers 3 months of Hidrovias’ results to eliminate the lag that was impacting the share of results of Ultrapar, as well as 2 months of Hidrovias’ EBITDA for May and June. It is worth noting that Hidrovias announced in February 2025 the sale of the Coastal Navigation operation and the balances are presented as a discontinued operation in the financial statements. In this report we present the financial information related to Ultrapar on a consolidated basis, considering the sum of continuing and discontinued operations, unless otherwise indicated.

R$ million

ULTRAPAR | Quarter | Year-to-date
2Q25 | 2Q24 | 2Q25 | 1H 24 | 1H 25
Net Income | 1,151 | 491 | 363 | 1,514 | 947
(+) Income and social contribution taxes | 341 | 193 | 248 | 589 | 402
(+) Net financial (income) expenses | 31 | 206 | 180 | 211 | 489
(+) Depreciation and amortization ¹ | 388 | 322 | 300 | 688 | 600
EBITDA | 1,910 | 1,212 | 1,091 | 3,002 | 2,437
Accounting adjustment |  |  |  |  |
(+) Amortization of contractual assets with customers – exclusive rights | 113 | 122 | 105 | 218 | 255
(+) Amortization of fair value adjustments on associates’ acquisition | 0 | 2 | 0 | 1 | 2
(+) MTM of energy futures contracts | 42 | - | (9) | 33 | -
(+/-) Hedge accounting | 4 | - | - | 4 | -
Adjusted EBITDA | 2,070 | 1,336 | 1,188 | 3,258 | 2,693
Ipiranga | 1,199 | 817 | 832 | 2,031 | 1,636
Ultragaz | 442 | 414 | 393 | 835 | 815
Ultracargo | 141 | 165 | 166 | 307 | 330
Hidrovias | 323 | - | (139) | 185 | -
Holding and other companies |  |  |  |  |
Holding | (56) | (53) | (54) | (110) | (93)
Other companies | (12) | (8) | (10) | (21) | (11)
Extraordinary expenses/provis ions from d i vestments | 32 | - | - | 32 | 16
Non-recurring items that affected EBITDA |  |  |  |  |
(-) Results from disposal of assets (Ipiranga) | (34) | (36) | (5) | (39) | (73)
(-) Credits and provisions (Ipiranga) | (487) | - | - | (487) | -
(-) Earn-out Stella (Ultragaz) | - | (17) | - | - | (17)
(-) Extraordinary expenses/provisions from divestments | (32) | - | - | (32) | (16)
(-) Assets writ e-off and Coastal Navigation impairment (Hidrovias) | (48) | - | - | (48) | -
Recurring adjusted EBITDA | 1,468 | 1,282 | 1,183 | 2,651 | 2,588
Ipiranga | 678 | 781 | 826 | 1,504 | 1,563
Ultragaz | 442 | 397 | 393 | 835 | 797
Ultracargo | 141 | 165 | 166 | 307 | 330
Hidrovias | 276 | - | (139) | 137 | -
Holding and other companies |  |  |  |  |
Holding | (56) | (53) | (54) | (110) | (93)
Other companies | (12) | (8) | (10) | (21) | (11)

1 Does not include amortization of contractual assets with customers – exclusive rights

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2Q25 |

R$ million

ULTRAPAR | Quarter | Year-to-date
2 Q 25 | 2 Q 24 | 1 Q 2 5 | 2 Q 25 x 2 Q 24 | 2 Q 25 x 1 Q 25 | 1 H 25 | 1 H 24 | 1 H 25 x 1 H 24
Net revenues | 34,088 | 32,344 | 33,329 | 5% | 2% | 67,417 | 62,740 | 7%
Adjusted EBITDA | 2,070 | 1,336 | 1,188 | 55% | 74% | 3,258 | 2,693 | 21%
Recurring Adjusted EBITDA ¹ | 1,468 | 1,282 | 1,183 | 15% | 24% | 2,651 | 2,588 | 2%
Depreciation and amortization 2 | (501) | (446) | (406) | 12% | 23% | (907) | (856) | 6%
Financial result | (31) | (206) | (180) | -85% | -83% | (211) | (489) | -57%
Net income | 1,151 | 491 | 363 | 134% | 217% | 1,514 | 947 | 60%
Investments | 544 | 479 | 416 | 14% | 31% | 959 | 918 | 7%
Cash flow from operating activities | 939 | 1,298 | 3 | -28% | n/a | 942 | 725 | 30%

¹ Non-recurring items described in the EBITDA calculation table – page 2

² Include s amortization of contractual assets with customers – exclusive rights and amortization of fair value adjustments on associates acquisition

Net revenues – Total of R$ 34,088 million (+5% vs 2Q24), mainly driven by higher revenues from Ipiranga and Ultragaz. Compared to 1Q25, net revenue increased by 2%, due to higher revenues from Ultragaz in the period.

Recurring Adjusted EBITDA – Total of R$ 1,468 million (+15% vs 2Q24 and +24% vs 1Q25), mainly by the consolidation of Hidrovias’ record result and Ultragaz’s better result, partially offset by Ipiranga’s lower EBITDA.

Results from the Holding and other companies – Negative result of R$ 36 million, driven by (i) R$ 56 million from the Holding expenses, (ii) a negative result of R$ 12 million from other companies, mainly due to the performance of Refinaria Riograndense, and (iii) p ositive net result of R$ 32 million, driven by extraordinary reversals of provisions at Oxiteno and Extrafarma.

Depreciation and amortization – Total of R$ 501 million (+12% vs 2Q24 and +23% vs 1Q25), impacted by the consolidation of Hidrovias in the result.

Financial result – N egativ e result of R$ 31 million in 2 Q 25 (improvement of R$ 175 mil lion vs 2 Q 24 and R$ 149 million vs 1 Q 25), reflectin g the effect of the monetary adjust ment of extraordinary tax credits of R$ 344 mil lion, in addition to the R$ 70 mi llion gain from Hidrovias bond repurchase below the face value, partially offset by the effect of the consolidation of Hidrovias and the increase in CDI in the period.

Net income – Total of R$ 1,151 million (+134% vs 2 Q 24 and +217% vs 1 Q 25), mainly due to the stronger operating performance and the extraordinary tax credit recognition of R$ 677 mil lion.

Cash flow from operating activities – Generation of R$ 1,848 million, of which R$ 909 million w as allocated to reduc e draft discoun t, compared to R$ 1,070 mil lion in 2 Q 24 (R$ 1,29 8 mil lion inclu ding draft discount), mainly due to reduction in working capital, considering the reduction in diesel and gasoline prices, and the consolidation of Hidrovias.

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2Q25 |

R$ million

IPIRANGA | Quarter | Year-to-date
2Q25 | 2Q24 | 1Q25 | 2Q25 x 2Q24 | 2Q25 x 1Q25 | 1H25 | 1S24 | 1H25 x 1H24
Total volume (‘000 m³) | 5,733 | 5,850 | 5,578 | -2% | 3% | 11,310 | 11,433 | -1%
Diesel | 2,925 | 3,016 | 2,775 | -3% | 5% | 5,700 | 5,766 | -1%
Otto cycle | 2,700 | 2,727 | 2,699 | -1% | 0% | 5,399 | 5,472 | -1%
O ther s¹ | 107 | 107 | 104 | 1% | 4% | 211 | 195 | 8%
Adjusted EBITDA (R$ million) | 1,199 | 817 | 832 | 47% | 44% | 2,031 | 1,636 | 24%
Adjusted EBITDA margin (R$/m³) | 209 | 140 | 149 | 50% | 40% | 180 | 143 | 25%
Non-recurring² | (521) | (36) | (5) | n/a | n/a | (527) | (73) | n/a
Recurring Adjusted EBITDA (R$ million) | 678 | 781 | 826 | -13% | -18% | 1,504 | 1,563 | -4%
Recurring Adjusted EBITDA margin (R$/m³) | 118 | 133 | 148 | -11% | -20% | 133 | 137 | -3%
Recurring Adjusted LTM EBITDA (R$ million) | 3,284 | 4,148 | 3,387 | -21% | -3% | 3,284 | 4,148 | -21%
Recurring Adjusted LTM EBITDA margin (R$/m³) | 140 | 177 | 144 | -21% | -3% | 140 | 177 | -21%
¹ Fuel oils, arla 32, kerosene, lubricants and greases ² Non-recurring items described in the EBITDA calculation table – page 2 |

Operational performance – Ipiranga’s volume decreased by 2% compared to 2Q24, reflecting a 3% decrease in diesel and 1% reduction in the Otto cycle. D iesel volume w as impacted by: (i) irregularities in biodiesel blending, (ii) international prices under Petrobras prices until mid-June, and (iii) oversuppl ied market. Otto cycle volume, in turn, was mainly affected by i rregular imports of naphtha sold as gasoline. Compared to 1Q25, volume was 3% higher, resulting from the typical seasonality between the periods.

Net revenue – Total of R$ 30,296 million (+3% vs 2Q24), reflecting the captur ing opportunities in derivatives trading op erations and higher gasoline costs over the period. Compared to 1Q25, net revenue remained stable, due to higher sales volume offset by lower fuel prices.

Cost of goods sold – Total of R$ 29,048 million (+4% vs 2Q24), in line with the effect observed in net revenue for the period and inventory loss due to the reduction in fuel prices. Compared to 1Q25, there was an increase of 1%, due to higher sales volume, partially offset by lower fuel costs and inventory loss compared to inventory gain in the previous quarter.

Selling, general and administrative expenses – Total of R$ 773 million (-7% vs 2Q24), due to lower personnel expenses, mainly due to reduced headcount, in addition to one-off expenses in 2Q24 with move of office. Compared to 1Q25, there was an increase of 1%.

Result from disposal of assets – Total of R$ 34 million in 2Q25, a decrease of R$ 3 million compared to 2Q24, mainly due to lower sale of real estate assets. Compared to 1Q25, the result from disposal of assets increased by R$ 28 million, mainly due to higher sales of real estate assets.

Other operating results – Total of R$ 396 million (improvement of R$ 505 million vs 2Q24 and of R$ 500 million compared to 1Q25), mainly due to the recognition of extraordinary tax cre dits and lower expenses with decarbonization credits, given the lower price level.

Recurring Adjusted EBITDA – Total of R$ 678 million (-13% vs 2Q24), impacted by: (i) irregularities i n the fuel sector, previously mentioned, (ii) international prices under Petrobras prices until the first half of June and consequent product oversupply, and (iii) inventory loss in 2Q 25 due to fuel price adjustments, (iv) partially offset by lower expenses. Compared to 1Q25, there was an 18% d ecrease, mainly due to fuel price adjustments and inventory loss in 2Q25, compared to inventory gain s in 1Q25, partially offset by higher sales volume.

Investments – R$ 218 million was invested in 2Q25, allocated to the expansion and maintenance of its service stations and franchises network and the expansion of the TRR segment, in addition to investments towards enhancing the technology platform, focus ing on the replacement of Ipiranga’s ERP system. Of the total invested, R$ 112 million refers to additions to fixed and intangible assets, R$ 133 million to contractual assets with customers (exclusivity rights), and negative R$ 27 million of financing granted to customers, net of receipts.

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2Q25 |

R$ million

UL TRAGAZ | Quarter | Year-to-date
2Q25 | 2Q24 | 2Q25 | 2Q25 x 2Q24 | 2Q25 x 1Q25 | 1H25 | 1S24 | 1H25 x 1H24
T otal volume (‘000 ton) | 432 | 437 | 406 | -1% | 6% | 839 | 838 | 0%
Bottled | 276 | 281 | 257 | -2% | 7% | 533 | 534 | 0%
Bulk | 156 | 156 | 149 | 0% | 5% | 305 | 305 | 0%
Adjusted EBITDA 1 (R$ million) | 442 | 414 | 393 | 7% | 13% | 835 | 815 | 0%
Adjusted EBITDA margin (R$/ton) | 1,023 | 948 | 967 | 8% | 6% | 996 | 972 | 2%
N on-recurring 2 | - | (17) | - | n/a | n/a | - | (17) | n/a
Recurring Adjusted EBITDA 1 (R$ million) | 442 | 397 | 393 | 11% | 13% | 835 | 797 | 3%
Recurring Adjusted EBITDA margin (R$/ton) | 1,023 | 909 | 967 | 13% | 6% | 996 | 951 | 5%
Recurring Adjusted LTM EBITDA 1 (R$ million) | 1,725 | 1,656 | 1,679 | 4% | 3% | 1,725 | 1,656 | 4%
Recurring Adjusted LTM EBITDA margin (R$/ton) | 987 | 964 | 959 | 2% | 3% | 987 | 964 | 2%
¹ Includes contribution from the result of new energies ² Non-recurring items described in the EBITDA calculation table – page 2 |

Operational performance – The volume sold by Ultragaz in 2Q25 decreased by 1% compared to 2Q24, with a 2% decrease in the bottled segment, driven by the competitive dynamics, affected by the pass through of increased costs from Petrobras auctions, while sales of the bulk segment remained stable. Compared to 1Q25, sales volume was 6% higher, reflecting the typical seasonality between the periods

Net revenues – Total of R$ 3,127 million (+16% vs. 2Q24), mainly due to the pass-through of increased costs of LPG acquired from Petrobras auctions. Compared to 1Q25, net revenues increased by 9%, mainly due to higher sales volume.

Cost of goods sold – Total of R$ 2,548 million (+18% vs. 2Q24), due to the rising cost of LPG acquired from auctions and the addition of costs related to the new energies segment. Compared to 1Q25, the unit cost of goods increased by 9%, due to the higher sales volume and higher freight costs.

Selling, general and administrative expenses – Total of R$ 263 million (+15% vs. 2Q24), due to higher expenses with personnel (collective bargaining agreement) a nd non-recurring marketing expenses. Compared to 1Q25, selling, general and administrative expenses increased by 6%, mainly due to higher expenses with consultancy for efficiency gains in the bulk segment and marketing.

Result from disposal of assets – Negative R$ 17 million, due to a one-off asset write-off.

Other operating results – Total of R$ 1 million, representing a deterioration compared to previous periods (R$ 19 million vs. 2Q24 and R$ 14 million vs. 1Q25), mainly due t o the reversal of the earn-out from the acquisition of Stella in pr ior quarters.

Recurring Adjusted EBITDA – Total of R$ 442 million (+11% vs. 2Q24), reflecting a better sales mix and greater efficiency in the bulk segment and higher performance in the new energ ies segment, partially offset by the lower result of the bottled segment and higher expenses. Compared to 1Q25, Recurring Adjusted EBITDA increased by 13%, mainly due to higher sales volume, partially offset by higher expenses.

Investments – R$ 95 million was invested this quarter, mainly directed towards the acquisition and replacement of bottles, installations for new customers in the bulk segment, and new energies, especially in biomethane segment.

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2Q25 |

R$ million

UL TRACARGO | Quarter | Year-to-date
2Q25 | 2Q24 | 1Q25 | 2Q25 x 2Q24 | 2Q25 x 1Q25 | 1H25 | 1S24 | 1H25 x 1H24
Installed capacity ¹ (‘000 m³) | 1,067 | 1,067 | 1,067 | 0% | 0% | 1,067 | 1,067 | 0%
m³ sold (‘000 m³) | 3,703 | 4,307 | 4,024 | -14% | -8% | 7,728 | 8,503 | -9%
Adjusted EBITDA (R$ million) | 141 | 165 | 166 | -15% | -15% | 307 | 330 | -7%
Adjusted EBITDA margin (%) | 57% | 63% | 61% | -5.6 p.p. | -4.3 p.p. | 59% | 63% | -3.4 p.p.
Adjusted EBITDA margin (R$/ m³ capacity) | 44 | 52 | 52 | -15% | -15% | 48 | 52 | -7%
Adjusted LTM EBITDA (R$ million) | 644 | 658 | 669 | -2% | -4% | 644 | 658 | -2%
Adjusted LTM EBITDA margin (%) | 60% | 63% | 62% | -2.3 p.p. | -1.3 p.p. | 60% | 63% | -2.3 p.p.
¹ Monthly average |  |  |  |  |  |  |  |

Operational performance - The average installed capacity remained stable across the periods. The m³ sold decreased by 14% compared to 2Q24, mainly reflecting lower demand for storage in fuel imports, affected by the industry's process of reducing inventory handled, with lower handling in Santos and Itaqui. Compared to 1Q25, the m³ sold decreased by 8%, with lower handling of chemicals in Aratu and of fuels in Itaqui, Opla and Suape, partially offset by higher fuel handling at Vila do Conde terminal.

Net revenue – Total of R$ 247 million (-6% vs. 2Q24 and 9% vs. 1Q25), reflecting the effects of volume mentioned above.

Cost of services provided – Total of R$ 104 million (+9% vs 2Q24), mainly due to additional costs with the start of the company’s own operation in Opla, pre-operational costs in Palmeirante and maintenance. Compared to 1Q25, there was a decrease of 1% due to lower invoiced volume, partially offset by higher maintenance costs.

Selling, general and administrative expenses - Total of R$ 45 million (+1% vs. 2Q24 and +7% vs. 1Q25), mainly due to higher personnel expense (collective bargaining agreement) and new business acquisitions.

Adjusted EBITDA – Total of R$ 141 million (-15% vs 2Q24 and 1Q25), mainly explained by lower billed m³ and initial costs and expenses related to the expansion in Paulínia (Opla) and the new terminal in Palmeirante.

Investments – R$ 116 million was invested this quarter, primarily allocated to expansion projects at the terminals of Itaqui, Opla railway branch, Santos and Rondonópolis.

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2Q25 |

R$ million

HIDROVIAS DO BRASIL | Quarter | Year-to-date
2Q25 | 2Q24 | 1Q25 | 2Q25 x 2Q24 | 2Q25 x 1Q25 | 1H25 | 1S24 | 1H25 x 1H24
Total volume (thousand ton) | 4,922 | 4,475 | 4,161 | 10% | 18% | 9,084 | 8,509 | 7%
Nort h Corridor | 2,204 | 2,067 | 1,867 | 7% | 18% | 4,071 | 4,158 | -2%
S outh Corridor | 1,416 | 1,010 | 1,085 | 40% | 31% | 2,501 | 1,713 | 46%
Coastal Navigation | 87 2 | 1,044 | 769 | -17% | 13% | 1,64 1 | 1,933 | -15%
Santo s | 431 | 353 | 440 | 22% | -2% | 871 | 705 | 23%
Adjusted EBITDA (R$ mi llion) | 304 | 221 | 221 | 38% | 38% | 525 | 387 | 36%
N on-recurring ¹ | 44 | 30 | 3 6 | 46% | 2 2% | 80 | 30 | n/a
Adjusted EBITDA margin (%) | 44% | 40% | 40% | 4 p.p. | 4 p.p | 42% | 39% | 3 p.p
Recurring Adjusted EBITDA (R$ mi llion) | 348 | 250 | 256 | 39% | 36% | 604 | 417 | 45%
Recurring Adjusted EBITDA margin (%) | 50% | 46% | 46% | 4 p.p. | 4 p.p. | 49% | 42% | 7 p.p.

¹ Non-recurring items for 2Q25 are described in the EBITDA calculation table – page 2. Regarding the comparative periods, non-recurring items can be consulted directly in the Earnings Release, on the company’s website. Results Center - Hidrovias IR

The table above presents Hidrovias’ full results since January 2024, as disclosed by the company’s on its Investor Relations website. The figures were maintained as originally published, reflecting the complete quarterly results.

Ultrapar’s consolidated figures include the consolidation of Hidrovias results for May and June 2025, in addition to the share of profit (loss) of subsidiaries, joint ventures and associates of Hidrovias between May 2024 and April 2025.

Operational performance – T otal volume increased by 10% in 2Q25 compared to 2Q24, highlighting the better performance in the South Corridor, driven by better navigation conditions (benefiting from improved rainfall patterns) and a better mix given the higher iron ore throughput, in addition to higher volume in the North Corridor. These effects were partially offset by the lower volume at Coastal Navigation. Compared to 1Q25, the volume increased by 18% with strong performance in the South, mainly reflecting better navigability, and in the North Corridor as a result of seasonal factors affecting grain transportation.

Net operating revenue (ex-hedge accounting) – Total of R$ 690 million in 2Q25, an increase of 27% vs. 2Q24 and 24% vs. 1Q25, mainly driven by the higher volume and increased tariff s.

Operating costs – Total of R$ 3 84 million in 2Q25 (+8% vs. 2Q24 and +13% vs. 1Q25). Excluding depreciation and amortization, operating costs reached R$ 300 million in 2Q25 (+8% vs 2 Q 24 and +20% vs 1 Q 25), reflecting one-off higher costs related to the docking of a ship at Coastal Navigation and impacts related with the start of the salt operation in Santos.

Selling, general and administrative expenses – Total of R$63 million in 2Q25 (-2 9% vs. 2Q24 and stable vs. 1Q25). Excluding depreciation and amortization, expense s reached R$ 55 million in 2Q25 (-21% vs 2 Q 24 and stable vs 1 Q 25) due to non-recurring effects in 2Q24 related to the donation of the investment for rail shipment in Santos and additional expenses related to asset transfers in the South Corridor. Compared to 1Q25 remained stable.

Recurring Adjusted EBITDA – Total of R$ 348 million (+39% vs. 2Q24 and +36% vs. 1Q25), reflecting better navigability conditions in the South Corridor, better volumes and tariffs in the North Corridor, partially offset by lower results from Coastal Navigation and Santos operations. The effect of Hidrovias o n Ultrapar’s EBITDA in 2Q25 was R$ 276 million, resulting from R$ 234 million of EBITDA for May and June (following the consolidation of control), and R$ 42 million of share of profit of Hidrovias for the final pre-consolidation period.

Investments – R$ 91 million was invested in 2Q25, reflecting the effects of the docking of HB Tucunaré in the Coastal Navigation operation, as well as modular expansion projects in the North Corridor.

For further financial and operational details of Hidrovias, visit the company’s Investor Relations website.

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2Q25 |

U LTRAPAR - Indebtedness | Quarter
2 Q 25 | 2 Q 24 | 1 Q 25
Cash and cash equivalents¹ | 6,437 | 7,429 | 5,994
Gross debt¹ | (17,618) | (13,703) | (13,556)
Leases payable | (1,749) | (1,426) | (1,482)
Derivative financial instruments ¹ | 295 | - | -
Net debt | (12,635) | (7,700) | (9,044)
Net debt/Adjusted LTM EBITDA ² | 1.9x | 1.2x | 1.7x
Trade payables – reverse factoring (draft discount) | (258) | (1,531) | (1,167)
Financial liabilities of customers (vendor) | (122) | (244) | (151)
Receivables from divestments (Oxiteno and Extrafarma) | - | 220 | -
Net debt + draft discount + vendor + receivables | (13,015) | (9,256) | (10,362)
Average gross debt duration (years) | 3,6 | 3,3 | 3,3
Average cost of gross debt | 107% DI | 110% DI | 110% DI
DI + 0.9% | DI + 1.0% | DI + 1.3%
Average cash yield (% DI) | 99% | 99% | 100%
¹ In 2Q25, the “Cash and cash equivalents” and “Gross debt” lines no longer present the balance of “Derivative financial instruments”. For further information, please see note 26 of Ultrapar’s financial statements. ² Adjusted LTM EBITDA does not include extraordinary tax credits. With the consolidation of Hidrovias, Adjusted LTM EBITDA for 2Q25 includes the effect of Hidrovias’ Adjusted EBITDA for the last 12 months, excluding the effects of share of profit (loss) of subsidiaries, joint ventures and associates” counted at Ultrapar.

Ultrapar ended 2Q25 with an adjusted net debt of R$ 1 2,635 million (1.9x Adjusted LTM EBITDA), compared to R$ 9,044 million in March 2025 (1.7 x Adjusted LTM EBITDA). The increase in our leverage was mainly due to the R$ 909 million reduction in draft discount, as a result of the IOF tax burden. Excluding this effect, we would maintain the same leverage level due to the strong cash generation during the quarter, despite the consolidation of Hidrovias (impact of +0.2x on leverage) a nd the additional acquisition of interest stake and consolidation of Hidrovias, together with Ultrapar’s share buybacks, which totaled R$ 494 million.

Cash and maturity profile and breakdown of the gross debt (R$ m illion):

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2Q25 |

Updates on ESG themes

Ultrapar

In June, Ultrapar started a partnership with Fundação Estudar, one of the country’s leading institutions dedicated to developing young leaders. The initiative is part of our strategy to support efforts aimed at improving the quality of education in Brazil and reflects the belief in driving transformation through investments in different ways, from basic to master's level, to generate long-term impact.

Also this quarter, the companies Ipiranga, Ultragaz, Ultracargo and Hidrovias do Brasil maintained the Gold Seal of the Brazilian GHG Protocol Program. The renewal of the seal reinforces the commitment of the group's companies to transparency and the publication of greenhouse gas (GHG) emissions inventories in the country.

Business

Ipiranga maintained its leading position in the energy sector in the general ranking of Merco - Monitor Empresarial de Reputação Corporativa (Corporate Reputation Monitor), for the eighth consecutive year. In 2025, it reached 37th place in the national ranking, an increase of five positions compared to the previous year in the survey that is considered one of the main references for corporate reputation in Brazil.

For Ultragaz, the quarter was marked by several developments and achievements, highlighted by the release of the 2024 Sustainability Report and the recognition with 1st place in the Best of ESG Award, from Exame, in the oil, gas and chemical category. Furthermore, the company joined the SP Carbon Zero Commitment, an initiative of the São Paulo State Government aimed at reducing greenhouse gas emissions, reinforcing its commitment to the issue.

Ultracargo was once again recognized as one of the best companies to work for by Great Place to Work (GPTW), reinforcing its commitment to talent development and people training.

Hidrovias released its 2024 Integrated Report, detailing the main results and actions aimed at sustainability, climate resilience, and strengthening waterway transportation.

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2Q25 |

ULTRAPAR – Capital Markets | Quarter
2 Q 25 | 2 Q 24 | 1 Q 25
Final number of shares (‘000 shares) | 1,115,507 | 1,115,404 | 1,115,507
Market cap ¹ (R$ million) | 19,566 | 24,093 | 19,086
B3 |  |  |
Average daily trading volume (‘000 shares) | 5,872 | 4,297 | 6,688
Average daily financial volume (R$ thousand) | 99,322 | 106,068 | 111,021
Average share price (R$/share) | 16.91 | 24.68 | 16.60
NYSE |  |  |
Quantity of ADRs² (‘000 ADRs) | 67,360 | 59,223 | 66,273
Average daily trading volume (‘000 ADRs) | 1,962 | 1,340 | 1,694
Average daily financial volume (US$ thousand) | 5,928 | 6,490 | 4,961
Average share (US$/ADRs) | 3.02 | 4.84 | 2.93
Total |  |  |
Average daily trading volume (‘000 shares) | 7,834 | 5,637 | 8,382
Average daily financial volume (R$ thousand) | 132,869 | 139,743 | 139,841
¹ Calculated on the closing share price for the period ² 1 ADR = 1 commom share

The average daily trading volume of Ultrapar, considering trades on B3 and NYSE, was R$ 133 million/day in 2Q25 (-5% vs 2Q24). Ultrapar’s shares ended 2Q25 priced at R$ 17.54 on B3, an appreciation of 1% in the quarter, while Ibovespa index appreciated by 6%. On the NYSE, Ultrapar’s shares appreciated by 6%, while the Dow Jones index appreciated by 5% in the quarter. Ultrapar ended 2Q25 with a market cap of R$ 19.6 billion.

Evolução UGPA3 x Ibovespa

(Base 100)

2Q25 Conference call

Ultrapar will host a conference call with analysts and investors on August 14, 2025, to comment on the Company’s performance in the second quarter of 2025 and its outlook. The presentation will be available for download on the Company’s website 30 minutes prior to the start.

The conference call will be broadcast via zoom and conducted in Portuguese with simultaneous translation into English. Please connect 10 minutes in advance.

Conference call in Portuguese with simultaneous translation into English
Time: 11:00 (BRT) / 10:00 (EDT)

Access link via Zoom

Participants in Brazil and international: Click here

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2Q25 |

R$ million

ULTRAPAR - Balance sheet | Jun 25 | Jun 25 | Jun 25 | Jun 24 | Mar 25
C ontinued | D iscontinued
A SSETS |  |  |  |  |
Cash and cash equivalents | 2,909 | 2,897 | 12 | 3,831 | 1,436
Financial investments | 1,089 | 1,088 | 1 | 301 | 1,301
Derivative instruments1 | 157 | 157 | - | - | -
Trade receivables and reseller financing | 4,278 | 4,233 | 45 | 4,517 | 4,065
Trade receivables - sale of subsidiaries | - | - | - | 220 | -
Inventories | 4,055 | 4,039 | 17 | 3,990 | 4,135
Recoverable taxes | 2,336 | 2,309 | 27 | 1,666 | 2,130
Energy trading futures contracts | 226 | 226 | - | - | 349
Prepaid expenses | 211 | 211 | - | 151 | 202
Contractual assets with customers – exclusive rights | 644 | 644 | - | 777 | 646
Others | 382 | 353 | 29 | 295 | 309
Assets held for sale | - | 700 | - | - | -
Total current assets | 16,288 | 16,857 | 130 | 15,746 | 14,574
Financial Investments and other financial assets | 2,439 | 2,420 | 19 | 3,298 | 3,256
Derivative instruments1 | 635 | 635 | - | - | -
Trade receivables and reseller financing | 761 | 761 | - | 691 | 741
Deferred income and social contribution taxes | 976 | 896 | 80 | 1,268 | 869
Recoverable taxes | 3,614 | 3,614 | 0 | 2,731 | 2,763
Energy trading futures contracts | 314 | 314 | - | - | 382
Escrow deposits | 492 | 471 | 21 | 1,055 | 402
Prepaid expenses | 57 | 57 | - | 62 | 43
Contractual assets with customers - exclusive rights | 1,444 | 1,444 | - | 1,432 | 1,456
Related parties | 60 | 60 | - | 47 | 52
Other receivables | 393 | 387 | 6 | 240 | 224
Investments in subsidiaries, joint ventures and associates | 430 | 510 | (80) | 1,599 | 2,025
Right-of-use assets | 1,940 | 1,940 | - | 1,612 | 1,644
Property, plant and equipment | 11,943 | 11,583 | 360 | 6,585 | 7,251
Intangible assets | 3,823 | 3,660 | 163 | 1,975 | 2,074
Total non-current assets | 29,321 | 28,751 | 5 6 9 | 22,594 | 23,180
Total a ssets | 45,608 | 45,608 | 700 | 38,340 | 37,755
Liabilities |  |  |  |  |
Trade payables | 2,876 | 2,855 | 20 | 3,127 | 2,367
Trade payables - reverse factoring | 258 | 258 | - | 1,531 | 1,167
Loans, financing and debentures | 3,095 | 3,031 | 64 | 3,415 | 2,582
Derivative instruments1 | 157 | 157 | - | - | -
Salaries and related charges | 442 | 438 | 3 | 399 | 371
Taxes payable | 593 | 573 | 19 | 429 | 329
Leases payable | 376 | 376 | - | 332 | 319
Energy trading futures contracts | 176 | 176 | - | - | 285
Financial liabilities of customers (vendor) | 93 | 93 | - | 135 | 102
Provision for decarbonization credits | 56 | 56 | - | 147 | 96
Dividends payable | 86 | 86 | - | 52 | 48
Others | 708 | 708 | - | 583 | 633
Liabilities held for sale | - | 472 | - | - | -
Total current liabilities | 8,914 | 9,280 | 107 | 10,151 | 8,299
Loans, financing and debentures | 14,523 | 14,158 | 365 | 10,288 | 10,973
Derivative instruments1 | 295 | 295 | - | - | -
Energy trading futures contracts | 107 | 107 | - | - | 147
Provision for tax, civil and labor risks | 625 | 625 | - | 1,252 | 602
Post-employment benefits | 209 | 209 | - | 250 | 203
Leases payable | 1,374 | 1,374 | - | 1,094 | 1,163
Financial liabilities of customers (vendor) | 30 | 30 | - | 109 | 49
Related parties | 4 | 4 | - | 4 | 4
Others | 1,132 | 1,132 | - | 339 | 423
Total non-current liabilities | 18,298 | 17,933 | 365 | 13,336 | 13,565
Total liabilities | 27,212 | 27,212 | 472 | 23,486 | 21,864
EQUITY |  |  |  |  |
Share capital | 6,622 | 6,622 | - | 6,622 | 6,622
Reserves | 8,602 | 8,602 | - | 6,999 | 8,604
Treasury shares | (810) | (810) | - | (450) | (711)
Others | 1,660 | 1,660 | - | 1,114 | 681
Non-controlling interests in subsidiaries | 2,322 | 2,322 | - | 570 | 695
Total equity | 18,396 | 18,396 | - | 14,854 | 15,890
Total liabi lities and Equity | 45,608 | 45,608 | 472 | 38,340 | 37,755
Cash and cash equivalents | 6,437 |  |  | 7,429 | 5,994
Gross debt | (17,618) |  |  | (13,703) | (13,556)
Leases payable | 295 |  |  | - | -
Derivative financial instruments1 | (1,749) |  |  | (1,426) | (1,482)
Net Debt | (12,635) |  |  | (7,700) | (9,044)

1 In 2Q25, the “cash and cash equivalent” and “gross debt” lines no longer included the balance of derivate instruments

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2Q25 |

R$ million

ULTRAPAR – Income statement | Qua rter | Year-to-date
2 Q 25 | 2 Q 25 Cont. | 2 Q 25 Descont. | 2 Q 24 | 1 2 25 | 1S25 | 1S24
Net revenues from sales and services | 34,088 | 34,055 | 33 | 32,344 | 33,329 | 67,417 | 62,740
Cost of products sold and services provided | (31,933) | (31,907) | (26) | (30,236) | (31,188) | (63,121) | (58,571)
Gross Profit | 2,155 | 2,148 | 7 | 2,108 | 2,142 | 4,297 | 4,169
Operating revenues (expenses) |  |  |  |  |  |  |
Selling and marketing | (649) | (649) | - | (644) | (602) | (1,250) | (1,213)
Ge neral and admi nistrative | (541) | (539) | (1) | (514) | (518) | (1,059) | (954)
Results from disposal of assets | (28) | 15 | (44) | 37 | 5 | (23) | 74
Other operating income (expenses), net | 453 | 450 | 3 | (88) | (87) | 367 | (226)
Opera ting income | 1,391 | 1,425 | (35) | 899 | 941 | 2,331 | 1,850
Financial Results |  |  |  |  |  |  |
Financial income | 648 | 6 44 | 3 | 281 | 177 | 824 | 441
Financial expenses | (67 8) | (6 75) | (3) | (486) | (357) | (1,035) | (929)
Total share of profit (loss) of subsidiaries, joint ventures and associates |  |  |  |  |  |  |
Share of profit (loss) of subisidiaries, joint ventures and associates | 41 | 41 | - | (8) | (149) | (108) | (11)
Amortiza tion of fair value adjustments on associates acquisition | (0) | (0) | - | (2) | (0) | (1) | (2)
Gain (loss) on obtaining control of an affiliate | 91 | 91 | - | - | - | 91 | -
Income before taxes and social contribution taxes | 1,492 | 1,526 | (34) | 684 | 611 | 2,103 | 1,348
I ncome and social contribution taxes |  |  |  |  |  |  |
C urrent | (304) | (307) | 3 | (307) | (164) | (469) | (395)
Deferred | (37) | (47) | 10 | 114 | (83) | (121) | (7)
Net income | 1,151 | 1,172 | (21) | 491 | 363 | 1,514 | 947
Net income attributable to: |  |  |  |  |  |  |
Shareholders of Ultrapar | 1,088 | 1,088 | - | 438 | 333 | 1,421 | 869
Non-controlling intere sts in subsidiaries | 62 | 62 | - | 53 | 30 | 93 | 77
Adjusted EBITDA | 2,070 | 2,097 | (27) | 1,336 | 1,188 | 3,258 | 2,693
N on-recurring ¹ | (601) | (645) | 44 | (54) | (5) | (607) | (106)
Recurring Adjusted EBITDA | 1,468 | 1,452 | 17 | 1,282 | 1,183 | 2,651 | 2,588
Depreciation and amortization ² | 501 | 493 | 8 | 446 | 406 | 907 | 856
Total invesments ³ | 543 | 535 | 8 | 479 | 416 | 959 | 918
MTM of energy futures contracts | 42 | 42 | - | - | (9) | 33 | -
Cash flow hedge | 4 | 4 | - | - | - | 4 | -
Ratios |  |  |  |  |  |  |
Earnings per share (R$) | 0.30 |  |  | 0.40 | 0.30 | 0.61 | 0.79
Net debt / Adjusted LTM EBITDA4 | 1.9x |  |  | 1.2x | 1.7x | 1.9x | 1.2x
Gross margin (%) | 6.3% |  |  | 6.5% | 6.4% | 6.4% | 6.6%
Operating margin (%) | 4.1% |  |  | 2.8% | 2.8% | 3.5% | 2.9%
Adjusted EBITDA margin (%) | 6.1% |  |  | 4.1% | 3.6% | n.a | 4.3%
Recurring Adjusted EBITDA margin (%) | 4.3% |  |  | 4.0% | 3.5% | n.a | 4.1%
Number of employees | 10,957 |  |  | 10,126 | 9,209 | 10,9 57 | 10,126

1 Non-recurring items described in the EBITDA calculation table – page 2

2 Includes amortization with contractual assets with customers – exclusive

3 Includes property, plant and equipment and additions to intangible assets (net of divestitures), contractual assets with customers (exclusive rights), initial direct costs of assets with right of use, contributions made to SPEs (Specific Purpose Companies), payment of grants, financing of clients, rental advances (net of receipts), acquisition of shareholdings and payments of leases

4 Adjusted LTM EBITDA does not include closing adjustments from the sale of Extrafarma and extraordinary tax credits

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2Q25 |

R$ million

ULTRAPAR – Cash flows | Year
Jan - Jun 2025 | Jan - Jun 2024
Cash flows from operating activities |  |
Net income | 1,535 | 947
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 | 108 | 13
Amortization of contractual assets with customers - exclusive rights | 219 | 255
Amortization of right-of-use assets | 172 | 150
Depreciation and amortization | 526 | 454
Interest and foreign exchange rate variations | 224 | 692
Current and deferred income and social contribution taxes | 602 | 402
Gain (loss) on disposal or write-off of property, plant and equipment, intangible assets and other assets | (31) | (109)
Equity instrument granted | 7 | 28
Fair Value Result of Energy Contracts | 34 | -
Provision for decarbonization - CBios | 220 | 321
Reavaliation of investment in associates | (91) | -
Other provisions and adjustments | (10) | 70
Cash flow from operating acrivities before changes in working capital | 3,514 | 3,221
(Increase) decrease in assets |  |
Trade receivables and reseller financing | (61) | (243)
Inventories | 43 | 297
Recoverable taxes | (187) | (203)
Dividends received from subsidiaries, associates and joint ventures | 2 | 2
Other assets | (43) | (132)
Increase (decrease) in liabilities |  |
Trade payables and trade payables - reverse factoring | (1,518) | (1,057)
Salaries and related charges | (89) | (96)
Taxes payable | (2) | (38)
Income and social contribution taxes payable | (460) | (512)
Other liabilities | 168 | (107)
Acquisition of CBios and carbon credits | (245) | (451)
Payments of contractual assets with customers - exclusive rights | (151) | (196)
Payment of contingencies | (10) | (31)
Income and social contribution taxes paid | (41) | (136)
Net cash provided (consumed) by operating activities | 921 | 725
Net cash generated (consumed) by discontinued operating activities | 21 | -
Net cash generated (consumed) by operating activities | 942 | 725
Cash flows from investing activities |  |
Financial investments, net of redemptions | 1,298 | (2,086)
Cash provided by disposal of investments and property, plant and equipment | (861) | (683)
Capital decrease in subsidiaries, associates and joint ventures | 74 | 977
Cash acquired in business combination | (448) | (1,103)
Net cash consumed in the purchase of investments and other assets | 1,156 | -
Net cash provided (consumed) by investing continued activities | 1,218 | (2,896)
Net cash provided (consumed) by investing discontinued activities | (8) | -
Net cash provided (consumed) by investing activities | 1,211 | (2,896)
Cash flows from financing activities |  |
Loans, financing and debentures |  |
Proceeds | 4,686 | 2,856
Repayments | (3,981) | (1,387)
Interest and derivatives (paid) or received | (977) | (630)
Payments of leases |  |
Principal | (133) | (139)
Interest paid | (69) | (81)
Dividends paid | (498) | (461)
Proceeds from financial liabilities of customers | (0) | -
Payments of financial liabilities of customers | (69) | (82)
Capital increase made by non-controlling shareholders and redemption of shares | 19 | 14
Share buyback for treasury | (244) | -
Related parties | (5) | (13)
Net cash provided (consumed) by financing continued activities | (1,272) | 76
Net cash provided (consumed) by financing discontinued activities | (13) | -
Net cash provided (consumed) by financing activities | (1,285) | 76
Effect of exchange rate changes on cash and cash equivalents in foreign currency | (41) | -
Increase (decrease) in cash and cash equivalents continued activities | 826 | (2,095)
Increase (decrease) in cash and cash equivalents discontinued activities | 0 | -
Cash and cash equivalents continued activities at the beginning of the period | 2,072 | 5,926
Cash and cash equivalents discontinued activities at the beginning of the period | 11 | -
Cash and cash equivalents continued activities at the end of the period | 2,897 | 3,831
Cash and cash equivalents dis3continued activities at the end of the period | 12 | -
Non-cash transactions |  |
Addition on right-to-use assets and leases payable | 156 | 98
Addition on contractual assets with customers - exclusive rights | 24 | 28
Reclassification between financial assets and investment in associates | 7 | 645
Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition | - | 4
Acquisition of property, plant and equipment and intangible assets without cash effect | - | 9

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2Q25 |

Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in Ultrapar's consolidated view).

R$ million

IPIRANGA – Employed capital | Jun 25 | Jun 24 | Mar 25
O perating assets |  |  |
Trade receivables and reseller financing | 4,041 | 4,541 | 4,087
Inventories | 3,635 | 3,784 | 3,926
T axes | 5,080 | 3,806 | 4,192
Recoverable income and social contribution taxes | 349 | 363 | 369
Judicial deposits | 331 | 325 | 329
Deferred income and social contribution taxes | 566 | 820 | 593
O thers | 554 | 564 | 537
Contractual assets with customers - exclusiv e rights | 2,088 | 2,208 | 2,102
Right-of-use assets (leases) | 835 | 845 | 884
Investments | 133 | 63 | 141
Property, plant and equipment | 3,298 | 3,205 | 3,302
Intang ible | 1,153 | 1,147 | 1,191
Total operating assets | 22,063 | 21,670 | 21,653
Operating liabilities |  |  |
Trade payables and reverse factoring | 2,628 | 4,314 | 3,198
Salaries and related charges | 192 | 205 | 195
Post-employment benefits | 226 | 267 | 221
Taxes | 122 | 101 | 126
Income and social contribution taxes payable | 178 | 193 | 93
Deferred income and social contribution taxes | 4 | 0 | 2
P rovisions for tax, civil, and labor risks | 469 | 467 | 416
Leases payable | 698 | 679 | 730
Financial liabilities of customers (vendor) | 122 | 244 | 151
Provision for decarbonization credit | 56 | 147 | 96
O thers | 699 | 592 | 605
Total operating liabilities | 5,395 | 7,210 | 5,833

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2Q25 |

R$ million

IPIRANGA – Income statement | Quarter | Year-to-date
2 Q 25 | 2 Q 24 | 1 Q 25 | 1 H 25 | 1 H 24
Net revenues | 30,296 | 29,431 | 30,234 | 60,530 | 57,124
C ost of products sold and service provided | (29,048) | (28,019) | (28,806) | (57,854) | (54,332)
Gross profit | 1,248 | 1,412 | 1,429 | 2,677 | 2,792
Operating expenses |  |  |  |  |
Selling and marketing | (485) | (505) | (452) | (936) | (939)
General and administrative | (288) | (325) | (310) | (598) | (599)
Result s from disposal of assets | 34 | 36 | 5 | 39 | 73
O ther operating income (expenses), net | 396 | (109) | (105) | 291 | (275)
Operating income | 904 | 509 | 568 | 1,472 | 1,053
Share of profit (loss) of subsidiaries, joint ventures and associates | (4) | (1) | (2) | (6) | (3)
Adjusted EBITDA | 1,199 | 817 | 832 | 2,031 | 1,636
N on-recurring ¹ | (521) | (36) | (5) | (527) | (73)
Recurring Adjusted EBITDA | 678 | 781 | 826 | 1,504 | 1,563
Deprecia tion and amortiza tion ² | 299 | 309 | 266 | 565 | 587
RATIO S |  |  |  |  |
Gross margin (R$/m³) | 218 | 241 | 256 | 237 | 244
Operating margin(R$/m³) | 158 | 87 | 102 | 130 | 92
Adjusted EBITDA margin (R$/m³) | 209 | 140 | 149 | 180 | 143
Recurring Adjusted E BITDA margin (R$/m³) | 118 | 133 | 148 | 133 | 137
N umber of service stations | 5,826 | 5,876 | 5,847 |  |
N umber of employees | 4,072 | 5,192 | 4,130 |  |

¹ Non-recurring items described in the EBITDA calculation table – page 2

² Includes amortization with contractual assets with customers – exclusive rights

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2Q25 |

Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in Ultrapar's consolidated view).

R$ million

ULTRAGAZ – Employed capital | Jun 25 | Jun 24 | Mar 25
Operating Assets |  |  |
Trade receivables | 716 | 628 | 678
Inventories | 234 | 194 | 195
T axes | 224 | 137 | 220
Recoverable income and social contribution taxes | 26 | 19 | 32
Judicial deposits | 47 | 719 | 48
Deferred income and social contribution taxes | 89 | 204 | 80
O thers | 154 | 103 | 157
Right-of-use assets (leases) | 184 | 149 | 147
Investments | 6 | 1 | 5
Property, plant and equipment, net | 1,572 | 1,479 | 1,575
Intangible assets, net | 325 | 274 | 327
Total Operating Assets | 3,576 | 3,908 | 3,464
Operating Liabilities |  |  |
Trade payables | 250 | 238 | 245
Salaries and related charges | 124 | 122 | 111
Tax es | 24 | 8 | 24
Income and social contribution taxes payable | 97 | 86 | 35
D eferred income and social contribution taxes | 100 | - | 117
P rovisions for tax, civil, and labor risks | 16 | 625 | 16
Leases payable | 221 | 187 | 184
O thers | 144 | 186 | 199
Total Operating Liabilities | 976 | 1,453 | 932

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2Q25 |

R$ million

ULTRAGAZ - Income statement | Quarter | Year-to-date
2 Q 25 | 2 Q 24 | 1 Q 25 | 1 H 25 | 1 H 24
Net revenues | 3,127 | 2,694 | 2,863 | 5,990 | 5,194
C ost of products sold and service provided | (2,548) | (2,168) | (2,328) | (4,876) | (4,153)
Gross profit | 579 | 526 | 536 | 1,114 | 1,041
Operating expenses |  |  |  |  |
Selling and marketing | (162) | (138) | (149) | (312) | (269)
General and administrative | (101) | (90) | (99) | (199) | (170)
Result s from disposal of assets | (17) | 1 | (0) | (17) | 1
O ther operating income (expenses), net | 1 | 20 | 16 | 17 | 25
Operating income | 301 | 320 | 303 | 604 | 628
Share of profit (loss) of subsidiaries, joint ventures and associates | 1 | 0 | 0 | 1 | 0
MTM of energy futures contracts | 42 | - | (9) | 33 | -
Adjusted EBITDA1 | 442 | 414 | 393 | 835 | 815
N on-recurring2 | - | (17) | - | - | (17)
Recurring Adjusted EBITDA1 | 442 | 397 | 393 | 835 | 797
Deprecia tion and amortiza tion3 | 99 | 94 | 98 | 197 | 187
RATIOS |  |  |  |  |
Gross margin (R$/m³) | 1,339 | 1,206 | 1,318 | 1,329 | 1,242
Operating margin(R$/m³) | 696 | 732 | 746 | 720 | 748
Adjusted EBITDA margin (R$/m³) | 1,023 | 948 | 967 | 996 | 972
Recurring Adjusted E BITDA margin (R$/m³) | 1,023 | 909 | 967 | 996 | 951
N umber of employees | 3,690 | 3,602 | 3,736 |  |

¹ Includes contribution from the results of new energies

² Non-recurring items described in the EBITDA calculation table – page 2

³ Includes amortization with contractual assets with customers - exclusive rights

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2Q25 |

Starting from 1Q25, the concept of operating capital has been adjusted to reflect all balances of operational assets and liabilities from management's perspective, including primarily the balances of current and deferred income tax, with the comparative balances for 2024 being restated (previously, due to the centralized management of these items, these balances were only included in Ultrapar's consolidated view).

R$ million

ULTRACARGO - Employed capital | Jun 25 | Jun 24 | Mar 25
Operating Assets |  |  |
Trade receivables | 59 | 44 | 44
Inventories | 13 | 12 | 14
Taxes | 2 | 6 | 2
Recoverable income and social contribution taxes | 29 | 40 | 49
Judicial deposits | 9 | 9 | 9
Deferred income and social contribution taxes | 37 | 46 | 36
Others | 33 | 50 | 38
Right-of-use assets (leases) | 598 | 611 | 606
Investments | 239 | 216 | 217
Property, plant and equipment, net | 2,375 | 1,836 | 2,296
Intangible assets, net | 287 | 284 | 283
Total Operating Assets | 3,680 | 3,154 | 3,592
Operating Liabilities |  |  |
Trade payables | 69 | 87 | 71
Salaries and related charges | 36 | 37 | 34
Tax es | 14 | 18 | 15
Income and social contribution taxes payable | 18 | 21 | 33
D eferred income and social contribution taxes | (0) | - | (0)
P rovisions for tax, civil, and labor risks | 28 | 30 | 28
Leases payable | 548 | 552 | 560
O thers | 23 | 50 | 23
Total Operating Liabilities | 736 | 794 | 765

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2Q25 |

R$ million

ULTRACARGO - Income statement | Quarter | Year-to-date
2 Q 25 | 2 Q 24 | 1 Q 25 | 1 H 25 | 1 H 24
Net revenues | 247 | 264 | 271 | 517 | 527
C ost of service provided | (104) | (96) | (103) | (208) | (188)
Gross profit | 142 | 168 | 167 | 310 | 339
Operating expenses |  |  |  |  |
Selling and marketing | (2) | (2) | (2) | (5) | (6)
General and administrative | (43) | (42) | (40) | (82) | (85)
Result s from disposal of assets | (0) | 0 | 0 | 0 | 0
O ther operating income (expenses), net | 5 | 3 | 2 | 7 | 5
Operating income | 102 | 127 | 128 | 230 | 254
Total share of profit (loss) of subsidiaries, joint ventures and associates |  |  |  |  |
Share of profit (loss) of subsidiaries, joint ventures and associates | 1 | 1 | 1 | 2 | 2
Amortization of fair value adjustments on associates acquisition | (0) | (2) | (0) | (1) | (2)
Adjusted EBITDA | 141 | 165 | 166 | 307 | 330
Depreciation and amortization¹ | 38 | 39 | 38 | 76 | 76
RATIOS |  |  |  |  |
Gross margin (%) | 57.7% | 63.7% | 61.8% | 59.9% | 64.4%
Operating margin(%) | 41.4% | 48.2% | 47.2% | 44.4% | 48.2%
Adjusted EBITDA margin (%) | 57.1% | 62.6% | 61.4% | 59.3% | 62.7%
N umber of employees | 849 | 836 | 846 |  |

¹ Includes amortization of fair value adjustments on associates acquisition

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2Q25 |

The balances of Hidrovias reflect the effects of the business combination, including the fair value adjustments of assets and liabilities. The income statement includes the results for April, May, and June from Hidrovias, as disclosed to the market and available on the company’s Investor Relations website.

R$ million

HIDROVIAS – Employed Capital | Jun 25
Operating Assets |
Trade receivables | 228
Inventories | 173
Taxes | 17
Recoverable income and social contribution taxes | 206
Judicial deposits | 91
Deferred income and social contribution taxes | 132
Others | 250
Right-of-use assets (leases) | 317
Investments | 50
Property, plant and equipment, net | 4,571
Intangible assets, net | 1,786
Total Operating Assets | 7,8 22
Operating Liabilities |
Trade payables | 135
Salaries and related charges | 58
Tax es | 78
Income and social contribution taxes payable | 59
D eferred income and social contribution taxes | 620
P rovisions for tax, civil, and labor risks | 35
Leases payable | 275
O thers1 | 132
Total Operating Liabilities | 1,394

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2Q25 |

R$ million

HIDROVIAS - Income statement | Quarter
2 Q 25
Net Revenue | 684
Net operating revenue | 690
Hedge accounting | (6)
Operating costs | (300)
Depreciation and amortization (costs) | (85)
Gross profit | 300
Operating expenses |
Selling and marketing | (55)
General and administrative | (8)
Estimate of expected losses | -
Result s from disposal of assets | (48)
O ther operating income (expenses), net | 4
Operating income | 192
Share of profit (loss) | 13
Adjusted EBITDA | 304
N on-recurring ¹ | (44)
Recurring Adjusted EBITDA | 348
Depreciation and amortization | 93
RATIOS |
Gross margin (%) | 43.8%
Operating margin(%) | 28.1%
Adjusted EBITDA margin (%) | 44.4%
N umber of employees | 1,839
¹ Non-recurring items described in the EBITDA calculation table – page 2

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(Meeting of the Minutes of the Board of Directors’ Meeting, held on August 13, 2025)

ULTRAPAR PARTICIPAÇÕES S.A.

## Publicly Traded Company

CNPJ nº 33.256.439/0001-39 | NIRE 35.300.109.724

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

Date, Hour and Place:

August 13, 2025, at 10:00 a.m., at ULTRAPAR PARTICIPAÇÕES S.A. (“Company”) headquarters, located at Brigadeiro Luís Antônio Avenue, Nr. 1.343, 9th floor, in the City and State of São Paulo, also contemplating participation through Microsoft Teams.

Members in attendance:

(i) Members of the Board of Directors undersigned; (ii) the Secretary of the Board of Directors, Ms. Denize Sampaio Bicudo; (iii) Chief Executive Officer, Mr. Rodrigo de Almeida Pizzinatto; (iv) Chief Financial and Investor Relations Officer, Mr. Alexandre Mendes Palhares; and (v) Chief Executive Officers of the Company’s b usinesses, Mrs. Décio de Sampaio Amaral, Fulvius Tomelin, Leonardo Remião Linden and Tabajara Bertelli Costa.

Matter discussed and resolution:

1. After having analyzed and discussed the performance of the Company in the second quarter of the current fiscal year, the respective financial statements were approved.
2. “Ad referendum” of the Annual General Shareholders’ Meeting that will analyze the balance sheet and financial statements of the fiscal year of 202 5, the Board of Directors approved the distribution of interim dividends in the total amount of R$ 326,005,092.60 (three hundred and twenty-six million, five thousand, nine ty-two Reais and sixty cents of Real). The holders of common shares of the Company are entitled to receive R$ 0.30 (thirty cents of Real) per share, excluding the shares held in the treasury account at this date.

3. It has also been determined that dividends declared herein will be paid as of August 2 9, 202 5 onwards, with no remuneration or monetary adjustment. The record date to establish the right to receive the approved dividends will be August 2 1, 202 5 in Brazil and August 25, 202 5 in the United States of America. The shares of the Company will be traded “ex-dividend” on the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) from August 22, 202 5 and on the New York Stock Exchange (NYSE) from August 25, 20 25 onwards.

4. The members of the Board of Directors of the Company confirmed the issuance of 342,691 (three hundred and forty-two thousand, six hundred and ninety-one) common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company’s Bylaws, due to partial exercise of the subscription warrants issued by the Company as of the approval of the merger of shares issued by Imifarma Produtos Farmacêuticos e Cosméticos S.A. by the Company, approved on the Extraordinary General Shareholders’ Meeting held on January 31, 2014. The management of the Company shall provide the necessary subscription bulletins for signing and formalization of the new shares’ subscription by the referred subscription warrants holders. The common shares will have the same rights assigned to the other shares previously issued by the Company. The Company’s capital stock will be represented by 1,115,849,873 (one billion, one hundred fifteen million, eight hundred forty-nine thousand, eight hundred and seventy-three) common shares, all of them nominative with no par value. The adaptation of Article 5 of the Company’s Bylaws to reflect the new number of shares in which the capital stock of the Company is divided shall be subject to a resolution of the Extraordinary General Shareholders’ Meeting, to be called in due course.

Notes:

The resolutions were approved, with no amendments or qualifications, by all Board members.

There being no further matters to discuss, the meeting was concluded, and these minutes were written, read, passed, and signed by all the Board members present.

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MARCOS MARINHO LUTZ – Chairman

J ORGE MARQUES DE TOLEDO CAMARGO – Vice-Chariman

FRANCISCO DE SÁ NETO

FABIO VENTURELLI

FLÁVIA BUARQUE DE ALMEIDA

JOSÉ MAURICIO PEREIRA COELHO

MARCELO FARIA DE LIMA

PETER PAUL LORENÇO ESTERMANN

VÂNIA MARIA LIMA NEVES

DENIZE SAMPAIO BICUDO – Secretary of the Meeting

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ULTRAPAR PARTICIPAÇÕES S.A.
NOTICE TO SHAREHOLDERS

Distribution of dividends

São Paulo, August 13, 202 5 – Ultrapar Participações S.A. informs that the Board of Directors, at the meeting held today, approved the distribution of dividends in the amount of R$ 326,005,092.60, equivalent to R$ 0.30 per common share, to be paid from August 29, 202 5, onwards, without remuneration or monetary adjustment.

The record date that establishes the right to receive the dividend will be August 21, 202 5, in Brazil, and August 25, 202 5, in the United States. Therefore, the shares will be traded "ex-dividend" from August 22, 202 5, onwards on the São Paulo Stock Exchange (B3), and from August 25, 202 5, onwards on the New York Stock Exchange (NYSE).

The number of shares considered to calculate the dividend per share considers the issuance of 342,691 common shares, as approved by the Board of Directors on this date.

Alexandre Mendes Palhares

Chief Financial and Investor Relations Officer Ultrapar Participações S.A.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 13, 2025

| ULTRAPAR HOLDINGS INC.
| By: | /s/ Alexandre Mendes Palhares
| Name: | Alexandre Mendes Palhares
| Title: | Chief Financial and Investor Relations Officer

(Minutes of the Meeting of the Board of Directors of Ultrapar Participações S.A., held on July 25, 2025)