Ultrapar (NYSE: UGP) maps R$2.6B 2026 growth and maintenance spend

Rhea-AI Filing Summary

Ultrapar Participações S.A., part of Ultrapar Holdings, approved a consolidated investment plan of R$ 2,617 million for 2026, slightly above the prior year’s plan. About 42% (R$ 1,110 million) is earmarked for expansion projects and 58% (R$ 1,507 million) for maintenance and efficiency.

Ipiranga will invest in branding service stations, logistics infrastructure, the TRR fuel reseller carrier segment and complementary services like convenience stores and automotive services. Ultragaz will focus on winning bulk customers, new energies and infrastructure in growth regions. Ultracargo will complete Suape and Itaqui terminal expansions, adding 45 thousand m³ and 42 thousand m³ of capacity in projects expected to start operating in 2026.

Hidrovias plans R$ 270 million in 2026 investments, mainly to increase modular capacity in the Northern Corridor via a floating tipper project at its transshipment terminal, plus targeted productivity projects. Maintenance spending across businesses will prioritize asset upkeep, operational safety, station revitalization, LPG bottle purchases and technology platforms.

Insights

Equity Analyst – Latin American Industrials

Ultrapar plans R$ 2.6B 2026 capex, balancing growth and upkeep.

The company approved a R$ 2,617 million investment plan for 2026, only R$ 75 million above the prior plan. Roughly 42% targets expansion while 58% supports maintenance and efficiency, reflecting a measured approach to growth across fuel distribution, LPG, logistics and waterways.

Ipiranga and Ultragaz expansion focuses on branding, logistics, new customers and new energies, which may support volume and margin over time. Ultracargo and Hidrovias emphasize capacity additions and productivity projects, such as Suape and Itaqui terminals and the floating tipper in the Northern Corridor, indicating ongoing logistics infrastructure development.

The mix between expansion and maintenance suggests management is prioritizing both future growth capacity and operational reliability. Investors can later compare actual 2026 spending and returns in subsequent financial statements to assess how effectively these projects translate into earnings and cash generation.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 Or 15d-16 Of

The Securities Exchange Act Of 1934

For the month of March 2026

Commission File Number: 001-14950

ULTRAPAR HOLDINGS INC.

(Translation of Registrant’s Name into English)

Brigadeiro Luis Antonio Avenue, 1343, 9th 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____

ULTRAPAR HOLDINGS INC.

TABLE OF CONTENTS

ITEM

1. Market announcement

ULTRAPAR PARTICIPAÇÕES S.A.

MARKET ANNOUNCEMENT

Investment plan for 2026

São Paulo, March 4th, 2026 – Ultrapar Participações S.A., informs its investment plan for 2026, approved by the Board of Directors.

2026 Organic investment plan¹

Million BRL		Expansion		Maintenance and others		Total
	Ipiranga				470			811		1,281
Ultragaz		255		345		600
Ultracargo		306		128		434
Hidrovias		79		191		270
Others		-		32		32
Total		1,110		1,507		2,617

¹ Net of divestments

Ultrapar’s consolidated investment plan for 2026 totals R$ 2,617 million, R$ 75 million higher than the announced plan for 2025, mainly due to the inclusion in 2026 of R$ 270 million in investments from Hidrovias, which was not included in the previous plan.

The portion of investments in expansion (~42% of the total) will be  directed towards projects sustaining business growth through capacity and capillarity expansion, and productivity gains.

At Ipiranga, investments in expansion are focused on the branding of service stations, strengthening logistics infrastructure and the TRR (fuel reseller carrier) segment, as well as investments aimed at the complementary services ecosystem, which includes convenience stores and automotive services.

At Ultragaz, investments in expansion are directed towards capturing new customers, mainly in the bulk segment, in addition to the expansion of new energies and additional infrastructure in expansion regions.

At Ultracargo, investments in expansion are focused on completing the Suape (PE) (+45 thousand m³) and Itaqui (MA) (+42 thousand m³) expansion projects, which are expected to begin operations in 2026, in addition to new projects and initiatives to increase productivity.

At Hidrovias, investments in expansion are focused on increasing modular capacity in the Northern Corridor through the floating tipper project at ETC (transshipment terminal), in addition to select investments in projects aimed at productivity gains.

Investments for maintenance and other purposes (~58% of the total) will be primary directed towards sustaining and improving business efficiency, and include: (i) maintenance of assets, (ii) operational safety, (iii) revitalization of service stations, (iv) acquisition of bottles, and (v) technology platforms and projects at Ipiranga, Ultragaz and Hidrovias.

Alexandre Mendes Palhares

Chief Financial and Investor Relations Officer

Ultrapar Participações S.A.

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: March 4, 2026                                          

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

(Market announcement)

FAQ

What is Ultrapar (UGP) planning to invest in 2026?

Ultrapar plans to invest R$ 2,617 million in 2026. About 42% of this consolidated plan funds expansion projects and 58% supports maintenance and efficiency across Ipiranga, Ultragaz, Ultracargo, Hidrovias and other businesses, following approval by the company’s Board of Directors.

How is Ultrapar (UGP) splitting 2026 investments between expansion and maintenance?

Ultrapar will allocate roughly 42% of 2026 capex to expansion and 58% to maintenance. Expansion totals R$ 1,110 million, while maintenance and other purposes reach R$ 1,507 million, aiming to both grow capacity and sustain operational safety, efficiency and asset quality.

How much will Ultrapar (UGP) invest in Hidrovias during 2026?

Hidrovias is slated to receive R$ 270 million of 2026 investments. Spending focuses on increasing modular capacity in the Northern Corridor through a floating tipper project at its transshipment terminal, alongside selective productivity initiatives not included in the prior year’s investment plan.

What projects will Ultracargo, part of Ultrapar (UGP), prioritize in 2026?

Ultracargo will prioritize completing Suape and Itaqui expansion projects in 2026. These projects add about 45 thousand m³ at Suape and 42 thousand m³ at Itaqui, alongside new initiatives to enhance productivity at its liquid bulk terminals within Ultrapar’s logistics segment.

How does Ultrapar’s (UGP) 2026 investment plan compare to 2025?

The 2026 plan is R$ 75 million higher than the 2025 plan. The increase mainly reflects the inclusion of R$ 270 million in Hidrovias investments that were not part of the previous plan, while maintaining a similar balance between expansion and maintenance spending.

What are the main uses of maintenance investments in Ultrapar’s (UGP) 2026 plan?

Maintenance investments will support efficiency and safety across operations. Key uses include asset maintenance, operational safety initiatives, revitalization of service stations, acquisition of LPG bottles, and technology platforms and projects at Ipiranga, Ultragaz and Hidrovias to sustain long-term performance.