Ultrapar Participacoes S A : 1Q23 Transcription conference call

International Conference Call

Ultrapar Participações S/A (UGPA3)

1Q23 Earnings Results

May 4th, 2023

Operator: Good morning ladies and gentlemen and thank you for waiting. At this time, we would like to welcome everyone to Ultrapar's 1Q23 results conference call. There is also a simultaneous webcast that may be accessed through Ultrapar's website at ri.ultra.com.br and MZiQ platform.

The presentation will be conducted by Mr. Rodrigo Pizzinatto, Ultrapar's Chief Financial and Investor Relations Officer, and in the Q&A session we will have the presence of Mr. Marcos Lutz, Ultrapar's CEO, and the CEOs of the businesses, Mr. Tabajara Bertelli, Décio Amaral, and Leonardo Linden as well.

We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the Company's presentation. After Ultrapar's remarks are completed, there will be a question and answer session. At that time further instructions will be given. Should any participant need assistance during this call, please press *0 to reach the operator. We remind you that questions, which will be answered during the Q&A session, may be posted in advance in the webcast. A replay of this call will be available for seven days.

Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of the Securities litigation reform act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ultrapar management, and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Ultrapar and could cause results to differ materially from those expressed in such forward-looking statements.

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Now, I'll turn the conference over to Mr. Rodrigo Pizzinatto. Mr. Rodrigo, you may now begin the conference.

Rodrigo Pizzinatto: Good morning, everyone! It is a pleasure to be here once more to talk about Ultrapar's results.

On slide number 2, I want to remind you that, at this moment, both the Earnings Release and this presentation consider Ultrapar's data from continuing operations in 2023, while for 2022, the Company's data are presented in the pro-forma view, that is, it considers the sum of continuing and discontinued operations, as disclosed throughout last year, unless otherwise indicated.

Moving on to slide 3, with Ultrapar's consolidated results.

As you can see in the chart in the upper left side, our EBITDA from continuing operations totaled R$ 1 billion and 79 million in the first quarter of 23, 20% higher year-over-year, due to the higher EBITDAs at Ultragaz and Ultracargo, partially offset by Ipiranga's lower EBITDA.

Ultrapar's net income was R$ 274 million in the first quarter, 41% lower year over year, mainly due to the deconsolidation of Oxiteno and Extrafarma's results, despite the greater EBITDA from continuing operations, lower net financial expenses and lower costs and expenses with depreciation.

Investments from continuing operations totaled R$ 365 million in the 1Q of 23, 20% higher than that of the 1Q of 22, mainly due to higher investments at Ipiranga and Ultragaz.

We registered an operating cash consumption of R$ 711 million in the first quarter, compared to a consumption of R$ 1 billion and 183 million in the same period of 22, resulting from higher investments in working capital in the 1Q of 22, mainly due to the relevant increases of fuel prices at that quarter, partially offset by the reduction of R$ 897 million in the draft discount balance in the 1Q23.

Moving on to slide 4, to talk about our liability management.

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We ended the first quarter with a net debt of R$ 8.3 billion, an increase of R$ 1.6 billion compared to December 22. This increase is mainly driven by two main effects. The first is the effect of the end-of-year holiday, as December 31 was not a working day and, therefore, payments were postponed to the beginning of the year. And the second is the consumption of operating cash in working capital, due mainly to the reduction in the draft discount operations in the 1Q23 that I just mentioned. These two effects were attenuated by fuel prices reductions in recent months.

Our leverage increased from 1.7x in December 2022 to 2.0x in March 2023, on the back of the net debt increase. I'd like to point out that the numbers of net debt do not include pending receivables of R$ 1.1 billion related to the sales of Oxiteno and Extrafarma.

As we presented in the annual conference call, to provide more visibility in relation to our numbers, we have included at the bottom of this slide a table with the total amounts of draft discount and vendor lines, as well as pending receivables from the sales of Oxiteno and Extrafarma, all lines highlighted in our balance sheet. The net debt of March 2023, adding draft discount, vendor and divestments receivables, would be R$ 9.4 billion.

Moving on to the next slide, slide number 5, to talk about another excellent quarter of Ultragaz.

The volume of LPG sold in this first quarter was 4% higher year over year, due to a 2% increase in the bottled segment, on the back of greater market demand, and a 10% increase in the bulk segment, with higher sales to industries, commerces and services segments.

Ultragaz's SG&A in the 1Q23 was 20% higher than that of the 1Q of 22, due to higher expenses with personnel, mainly collective bargaining agreements and a larger headcount, as a result of the acquisitions of NEOgás and Stella, along with higher expenses with sales commissions and freight, due to higher sales volume.

Ultragaz had another quarter of strong results. EBITDA totaled R$ 384 million, 80% higher than that of the 1Q22. This growth is mainly explained by efficiency and productivity

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initiatives implemented in the last quarters, by better sales mix, by inflation pass- through and by higher sales volume, despite higher expenses.

For the current quarter, we expect results close to that of the last quarters.

Moving now to slide 6, to talk about another great quarter of Ultracargo.

The company's average installed capacity was 955 thousand cubic meters in the 1Q of 23, stable in relation to the 1Q of 22. The cubic meter sold increased by 7%, mainly due to increased handling of fuels in Vila do Conde, ethanol in Suape and chemicals in Santos.

Ultracargo's net revenues was R$ 236 million in the 1Q of 23, 20% higher year over year, as a result of contractual readjustments, spot sales and higher cubic meter sold.

Combined costs and expenses were 11% higher than those of the 1Q of 22, as a result of higher expenses with personnel, mainly collective bargaining agreement, and consultancy services linked to expansion and profitability projects.

Ultracargo's EBITDA totaled R$ 142 million in the quarter, a growth of 25% year over year, due to higher capacity occupancy with profitability gains, contractual readjustments, spot sales and productivity and efficiency gains, despite higher expenses. EBITDA margin was 60% in the 1Q23, 3 percentage points above that of the 1Q of 22.

For the current quarter, we expect Ultracargo to continue its good operating performance, with results similar to those of the first quarter.

And, to conclude this presentation, moving now to slide 7, let's talk about Ipiranga's results.

Volumes sold increased 2% year over year, with a 1% growth in diesel and a 4% growth in the Otto cycle.

We ended the quarter with a network of 6,526 service stations, 245 stations less than that of the 4Q22, which is aligned with our strategy of managing the legacy of low- potential service stations. A total of 49 new service stations were added to the network, with an average volume contribution of 265 cubic meters per month, and 294 service stations were closed, with an average volume contribution of 39 cubic meters per

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month. Despite the reduction of the number of service stations, the volume net effect was positive, reinforcing our strategy of higher density and improved standards in our service station network. In addition, we ended the quarter with 1,555 AmPm stores, with same store sales growth of 13% year over year.

Ipiranga's SG&A increased 17% in the quarter, due to higher personnel expenses and depreciation, as well as provisions for contingencies.

The "other operating results" line totaled negative R$ 139 million in the 1Q of 23, compared to a negative R$ 110 million in the 1Q of 22, mainly reflecting higher costs with CBios, Brazilian carbon tax credits. The "disposal of assets" line totaled R$ 56 million in the quarter, resulting from the sale of 10 real estate assets.

Ipiranga's EBITDA totaled R$ 596 million in the quarter, 4% lower than that of the 1Q of 22, and, as expected, a good improvement from the 4Q 22 results. Recurring EBITDA was R$ 540 million, 9% lower year over year, due to more pressured margins resulting from inventory losses and higher expenses, despite higher sales volume.

Looking now to the second quarter, we expect seasonally higher volumes and, in the current market context, profitability levels close to those of the 1Q23.

With that, I now conclude my presentation.

I appreciate your interest and attention. And let's now move on to the Q&A session, when we are available to answer your questions. Thank you!

Question-and-Answer Session

Operator: We are going to start now our Q&A session. The floor is now open for questions for investors and analysts. If you have a question, please press *1. If your question is answered, you may remove yourself from the queue by pressing star 2.

Questions will be taken in the order they are received. We would like to ask you to pick up your headset when asking your question to provide optimal sound quality. Please, hold while we poll for questions.

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