Ultrapar is a Brazilian holding company with four businesses in energy, mobility, and logistics infrastructure. Ipiranga, the largest subsidiary by EBITDA, is one of Brazil's largest fuel distributors, with a 17% market share. Ipiranga buys fuel from Petrobras and resells it through a network of roughly 5,800 branded service stations and directly to B2B customers like fleet operators and industries. Ipiranga also operates AmPm convenience stores, Jet Oil lubricant franchises, and a lubricants JV with Chevron called Iconic. Ultragaz, the second-largest contributor, is one of Brazil's largest LPG distributors with a 22% market share, serving roughly 10.5 million residential households and 53,000 business customers. Like Ipiranga, Ultragaz buys from Petrobras and earns a distribution margin on resales. Ultragaz is also expanding into adjacent energy products including CNG, biomethane, and electricity. Ultracargo is Brazil's largest private liquid bulk storage company, operating nine terminals with over 1.1 million m³ of capacity. Ultracargo stores fuels, ethanol, chemicals, and vegetable oils, earning per-cubic-meter storage fees under multi-year take-or-pay contracts. Hidrovias, roughly 59% owned, is a waterway logistics company transporting grains, fertilizers, and iron ore along river corridors in Brazil, Argentina, Uruguay, and Paraguay, primarily under long-term take-or-pay contracts. Ultrapar operates as an active holding company, allocating capital across subsidiaries and targeting leverage of roughly 1.5–2.0x net debt/EBITDA.